- Corebridge Financial and Equitable Holdings Announce Leadership Team for Combined Company
May 12, 2026
Appointments to take effect upon completion of previously announced merger
HOUSTON & NEW YORK, May 12, 2026--(BUSINESS WIRE)--Corebridge Financial (NYSE: CRBG) ("Corebridge") and Equitable Holdings, Inc. (NYSE: EQH) ("Equitable Holdings") today announced the leadership team for the future combined company, effective upon completion of the previously announced merger.
"Together, the complementary offerings and capabilities of Corebridge and Equitable will enhance customer outcomes and drive long-term shareholder value. This will require a leadership team that is uniquely positioned to deliver on behalf of our stakeholders and lead the new company forward," said Marc Costantini, President and Chief Executive Officer of Corebridge, who will serve as Chief Executive Officer of the combined company. "The exceptional talent and leadership we intend to bring together will enable us to move with speed, clarity and confidence once the transaction is complete."
"When two organizations come together, our focus must go beyond combining capabilities to include the culture that will give those capabilities meaning and purpose," said Mark Pearson, President and Chief Executive Officer of Equitable Holdings, who will serve as Executive Chair of the combined company. "Our leadership team understands this responsibility and is committed to creating a new culture that draws on the strengths of both organizations and keeps clients at the heart of every decision."
Today, the company announced the following leaders will report to Chief Executive Officer Marc Costantini upon close:
As previously announced, Robin M. Raju will serve as Chief Financial Officer of the combined company, with responsibility for financial reporting, asset-liability management, strategic financial planning, M&A and investor relations, in addition to key capital management initiatives that drive growth and shareholder value. He will also oversee investment management for the combined company’s separate account funds. Mr. Raju is currently Chief Financial Officer for Equitable Holdings and has been with the company for more than two decades. Jeffrey J. Hurd will serve as Chief Operating Officer and Chief Human Resources Officer, overseeing client and advisor support and service operations, human resources, marketing, communications and corporate services for the combined company. He will also lead the joint Integration Office, ensuring a structured and consistent approach for integrating the two organizations post-close. Mr. Hurd currently serves as Chief Operating Officer for Equitable Holdings, a role he has held for nearly a decade, following a 20-year career with AIG. PollyKlane will serve as General Counsel and Chief Legal Officer, overseeing all legal, compliance, board governance, regulatory and governmental affairs for the combined company. Ms. Klane is currently General Counsel and Chief Legal Officer for Corebridge and previously served as General Counsel and Chief Legal Officer for Citizens Financial Group. Seth Bernstein will continue to serve as Chief Executive Officer of AllianceBernstein, the combined company’s global asset management business serving institutional, high-net-worth and retail investors. Onur Erzan, who was recently appointed President of AllianceBernstein and leads the firm’s Private Wealth Management, Global Asset Management Distribution and Global Private Alternatives businesses, will also join the combined company’s leadership team. John Byrne will lead Individual Distribution, overseeing the combined company’s wholesale distribution network for its annuity and life insurance products. This will include more than 900 relationships with banks, broker-dealers and independent marketing organizations. Mr. Byrne is currently President of Financial Distributors for Corebridge and has been with the company for more than two decades. David Karr will lead the combined company’s Wealth Management business, which will include Equitable Advisors and Corebridge financial professionals. Mr. Karr has been with the company for three decades and currently serves as Chair of Equitable Advisors, overseeing the growth strategy for Equitable Holdings’ fastest-growing business. Lisa Longino will serve as Chief Investment Officer, responsible for leading the investment strategy for the combined company’s c.$366 billion General Account. Ms. Longino currently serves as Chief Investment Officer for Corebridge, a role she has held since 2023. Prior to this, she was Head of Global Investment Strategy for Prudential Financial, after spending two decades at MetLife. Jonathan Novak will lead Institutional Markets for the combined company, which will serve public and corporate pension plans, endowments and foundations, insurers and other large financial institutions. Mr. Novak currently leads Institutional Markets, enterprise in-force management and reinsurance for Corebridge. He has been with the company for nearly 15 years. Bryan Pinsky will lead the Individual Retirement and Life Insurance businesses, which will include the combined company’s leading annuity and life insurance portfolios. Mr. Pinsky currently serves as Corebridge’s President of Individual Retirement and Life Insurance. He has been with the company for more than a decade, previously serving as President of Individual Retirement. Steve Scanlon will lead Group Retirement, overseeing the combined company’s workplace retirement offerings, which will include leading positions in the 403(b) and 457 markets, and its Employee Benefits business. Mr. Scanlon currently leads Equitable’s Individual Retirement business, previously led its Group Retirement business and has been with the company for more than 15 years, including a decade at AllianceBernstein. David Ditillo will serve as Chief Information Technology Officer, leading the combined company’s aspiration to enhance the customer experience through technology and digital solutions. Mr. Ditillo currently serves as Chief Information Officer for Corebridge, a role he has held since 2020, and also oversees resiliency and physical security for the company. Prior to this, he spent two decades at MetLife. Julia Zhang will serve as Chief Risk Officer, responsible for the combined company’s Enterprise Risk Management function to protect the new company’s balance sheet, while supporting growth. She will also have administrative oversight of the Audit function. Ms. Zhang is currently Chief Risk Officer for Equitable Holdings and has been with the company for nearly two decades, previously serving as Head of Treasury and Derivatives.
Story Continues
On March 26, 2026, Corebridge Financial and Equitable Holdings announced the intention to combine in an all-stock merger to create a leading retirement, life, wealth and asset management company with more than 12 million customers and $1.5 trillion in assets under management and administration. The transaction is expected to close by year-end 2026, subject to shareholder and regulatory approvals and the satisfaction of other customary closing conditions.
About Corebridge Financial
Corebridge Financial, Inc. (NYSE: CRBG) makes it possible for more people to take action in their financial lives. With more than $380 billion in assets under management and administration as of March 31, 2026, Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States. We proudly partner with financial professionals and institutions to help individuals plan, save for and achieve secure financial futures. For more information, visit corebridgefinancial.com and follow us on LinkedIn, YouTube and Instagram. These references with additional information about Corebridge have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
About Equitable Holdings
Equitable Holdings, Inc. (NYSE: EQH) is a leading financial services holding company comprised of complementary and well-established businesses, Equitable, AllianceBernstein and Equitable Advisors. Equitable Holdings has $1.1 trillion in assets under management and administration (as of 3/31/2026) and more than 5 million client relationships globally. Founded in 1859, Equitable provides retirement and protection strategies to individuals, families and small businesses. AllianceBernstein is a global investment management firm that offers diversified investment services to institutional investors, individuals and private wealth clients. Equitable Advisors, LLC (Equitable Financial Advisors in MI and TN) has approximately 4,600 duly registered and licensed financial professionals that provide financial planning, wealth management, retirement planning, protection and risk management services to clients across the country.
Cautionary Statement Regarding Forward-Looking Information
This press release includes statements, which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements, and any related oral statements, can be identified by the use of terms such as "believes," "expects," "may," "will," "shall," "should," "would," "could," "seeks," "aims," "projects," "forecasts," "intends," "targets," "plans," "estimates," "anticipates," "goals," "guidance," "formidable," "preliminary," "objective," "continue," "drive," "improve," "superior," "robust," "positioned," "resilient," "vision," "potential," "immediate," and similar expressions or the negative of those expressions or verbs. We caution you that forward-looking statements are not guarantees of future performance or outcomes. Forward-looking statements are not historical facts but instead represent only our beliefs regarding future events, which may by their nature be inherently uncertain, and some of which may be outside our control. These statements include, but are not limited to, statements about the potential repurchases of shares of common stock, the expected timing and completion of the proposed transaction between Corebridge Financial, Inc. ("Corebridge") and Equitable Holdings, Inc. ("Equitable Holdings") (the "Proposed Transaction"), the anticipated benefits of the Proposed Transaction, including estimated synergies and projected cost savings, and plans and expectations for Corebridge, Equitable Holdings or their new parent company after completion of the Proposed Transaction.
Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Key factors include, among others, the ability to repurchase shares (if Corebridge and / or Equitable Holdings decide to do so) within the expected timing or at all; the ability to complete the Proposed Transaction on the timeframe or on the terms currently anticipated or at all, including due to a failure to obtain requisite stockholder, stock exchange, regulatory, governmental or other approvals; risks related to difficulties, inabilities or delays in integrating the parties’ businesses; the ability to realize the anticipated benefits of the Proposed Transaction, including estimated run-rate expense synergies and projected cost savings at the times, and to the extent, anticipated, as well as expected operating earnings and cashflow generation; the occurrence of any event, change or other circumstance that could give rise to the right of either or both parties to terminate the merger agreement; the potential impact of the announcement or consummation of the Proposed Transaction on Corebridge or Equitable Holdings’ stock price and on their respective business, contractual and operational relationships (including with regulatory bodies, employees, suppliers, clients and competitors); risks related to business disruptions from the Proposed Transaction that may harm the business or current plans and operations of either or both parties, including diversion of management time from ongoing business operations; the risk that the Proposed Transaction and its announcement could have an adverse effect on the ability of either or both parties to hire and retain key personnel; the parties’ ability to raise debt on favorable terms or at all; the outcome of any legal proceedings that may be instituted against Corebridge, Equitable Holdings, their new parent company or their respective directors; restrictions on the conduct of Corebridge and Equitable Holdings’ respective businesses prior to the closing of the Proposed Transaction and on each of their ability to pursue alternatives to the Proposed Transaction; the possibility that the Proposed Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, or unforeseen or unknown liabilities; the deterioration of economic conditions; geopolitical tensions; the potential impact of a downgrade in Corebridge or Equitable Holdings’ Insurer Financial Strength ratings or credit ratings or of the new parent company of Corebridge and Equitable Holdings following completion of the Proposed Transaction; other factors that may affect future results of Corebridge and Equitable Holdings; and management’s response to any of the aforementioned factors.
The foregoing list of factors is not exhaustive. You should carefully consider these factors and the other risks and uncertainties described in the "Risk Factors" section of the new parent company’s Registration Statement on Form S-4 and other documents filed or furnished by Corebridge and Equitable Holdings from time to time with the U.S. Securities and Exchange Commission (the "SEC"), including their Annual Reports on Form 10-K for the year ended December 31, 2025. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. If any of these risks materialize or our assumptions prove incorrect, actual events and results could differ materially from those contained in the forward-looking statements. There may be additional risks that neither Corebridge nor Equitable Holdings presently know or that Corebridge and Equitable Holdings currently believe are immaterial that could also cause actual events and results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect Corebridge and Equitable Holdings’ expectations, plans or forecasts of future events and views as of the date of this press release. Corebridge and Equitable Holdings anticipate that subsequent events and developments will cause Corebridge and Equitable Holdings’ assessments to change. While Corebridge and Equitable Holdings may elect to update these forward-looking statements at some point in the future, Corebridge and Equitable Holdings specifically disclaim any obligation to do so, unless required by applicable law. Neither Corebridge nor Equitable Holdings gives any assurance that Corebridge, Equitable Holdings or their new parent company will achieve the results or other matters set forth in the forward-looking statements.
No Offer or Solicitation
This press release is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the "Securities Act"), or in a transaction exempt from the registration requirements of the Securities Act.
Important Information and Where to Find It
This press release relates to the Proposed Transaction, which is the subject of a Registration Statement on Form S-4 filed by the new parent company with the SEC. The Registration Statement includes a joint proxy statement of Corebridge and Equitable Holdings that also constitutes a prospectus of the new parent company. After the Registration Statement has been declared effective, the definitive joint proxy statement/prospectus will be mailed to the stockholders of each of Corebridge and Equitable Holdings. This press release is not a substitute for the Registration Statement that the new parent company has filed with the SEC or any other documents that may be sent to Corebridge’s stockholders or Equitable Holdings’ stockholders in connection with the Proposed Transaction.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4 AND THE JOINT PROXY STATEMENT/PROSPECTUS , AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH, OR FURNISHED TO, THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE INTO THE JOINT PROXY STATEMENT/PROSPECTUS, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION REGARDING COREBRIDGE, EQUITABLE HOLDINGS, THEIR NEW PARENT COMPANY, THE PROPOSED TRANSACTION AND RELATED MATTERS.
Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by Corebridge or Equitable Holdings through the website maintained by the SEC at http://www.sec.gov, or from Corebridge at its website, https://www.corebridgefinancial.com, or from Equitable Holdings at its website, https://equitableholdings.com (information included on or accessible through either of Corebridge or Equitable Holdings’ website is not incorporated by reference into this press release).
Participants in the Solicitation
Corebridge and Equitable Holdings and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Corebridge’s stockholders or Equitable Holdings’ stockholders in connection with the Proposed Transaction under the rules of the SEC. Information about the directors and executive officers of Corebridge, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Corebridge’s definitive proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 16, 2025, including under the headings "Compensation Discussion and Analysis," "Compensation Tables" and "Security Ownership of 5% Beneficial Owners, Directors and Executive Officers." To the extent holdings of Corebridge’s common stock by the directors and executive officers of Corebridge have changed or do change from the amounts of Corebridge’s common stock held by such persons as reflected therein, such changes have been or will be reflected on Initial Statements of Beneficial Ownership of Securities on Form 3 ("Form 3"), Statements of Changes in Beneficial Ownership on Form 4 ("Form 4") or Annual Statements of Changes in Beneficial Ownership of Securities on Form 5 ("Form 5"), in each case filed with the SEC. Information about the directors and executive officers of Equitable Holdings, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Equitable Holdings’ definitive proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 4, 2025, including under the headings "Executive Compensation" and "Certain Relationships and Related Person Transactions." To the extent holdings of Equitable Holdings’ common stock by the directors and executive officers of Equitable Holdings have changed or do change from the amounts of Equitable Holdings’ common stock held by such persons as reflected therein, such changes have been or will be reflected on Forms 3, Forms 4 or Forms 5, in each case filed with the SEC. Other information regarding persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation of Corebridge or Equitable Holdings’ stockholders in connection with the Proposed Transaction and a description of their direct and indirect interests, by security holdings or otherwise, is included in the Registration Statement. You may obtain free copies of these documents at the SEC’s website at www.sec.gov. Copies of documents filed with the SEC by Corebridge or Equitable Holdings will also be available free of charge from Corebridge or Equitable Holdings using the contact information above.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260512809945/en/
Contacts
Corebridge
Media:
Paul Miles
media.contact@corebridgefinancial.com
Investor Relations:
Işıl Müderrisoğlu
investorrelations@corebridgefinancial.com
Equitable
Media:
Sydney Gever
mediarelations@equitable.com
Investor Relations:
Erik Bass
IR@equitable.com
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- Corebridge Financial: Cheap Valuation, But Equitable Merger Keeps The Story Complicated
May 12, 2026 · seekingalpha.com
Corebridge Financial trades at a discounted 7.1x forward P/E, reflecting market skepticism post-AIG exit and amid Equitable merger integration risks. CRBG's $380B AUM, stable 3.67% dividend yield, and aggressive $2B buyback program highlight management's focus on shareholder returns over debt reduction. Operational efficiency improved to 18.5%, with product rotation toward fee-based revenue and fixed-indexed annuities reducing sensitivity to market fluctuations.
- AllianceBernstein National Municipal Income Fund, Inc. and AllianceBernstein Global High Income Fund, Inc. Announcement Regarding Planned Merger of Equitable and Corebridge
May 11, 2026
NEW YORK, May 11, 2026 /PRNewswire/ -- AllianceBernstein Global High Income Fund, Inc. (NYSE: AWF) and AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) (each a "Fund"), each announced today that at in-person meetings of the Board of Directors (the "Board") held on May 5-7, 2026, the Board voted unanimously approved a new investment advisory agreement and interim investment advisory agreement with AllianceBernstein L.P. (the "Adviser") containing identical terms to those in the current advisory agreement.
The approvals were made in connection with the previously announced merger transaction (the "Transaction") between Equitable Holdings, Inc., the holder of a majority of the partnership interests in the Adviser, and Corebridge Financial, Inc. Upon completion of the Transaction, each Fund's existing investment advisory agreement may be deemed an "assignment," as defined under the Investment Company Act of 1940, as amended (the "1940 Act"), and as a result, will automatically terminate upon assignment.
Pursuant to the 1940 Act, the new advisory agreement for each Fund requires stockholder approval. It is anticipated that the advisory agreement proposal will be submitted to each Fund's stockholders at an upcoming special meeting of stockholders.
Each Fund is a registered closed-end management investment company managed by the Adviser.Cision
View original content:https://www.prnewswire.com/news-releases/alliancebernstein-national-municipal-income-fund-inc-and-alliancebernstein-global-high-income-fund-inc-announcement-regarding-planned-merger-of-equitable-and-corebridge-302768630.html
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- Corebridge Financial, Inc. (CRBG) Q1 2026 Earnings Call Transcript
May 9, 2026 · seekingalpha.com
Corebridge Financial, Inc. (CRBG) Q1 2026 Earnings Call Transcript
- Assessing Corebridge Financial (CRBG) Valuation After Mixed Momentum And Elevated P/E Multiple
May 7, 2026
Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge.
Corebridge Financial stock performance snapshot
Corebridge Financial (CRBG) has drawn fresh attention after recent trading left the stock at $28.05, with a return of about 14% over the past month and a negative move over the past 3 months.
See our latest analysis for Corebridge Financial.
That recent 14.4% 1 month share price return contrasts with a 5.8% 3 month share price decline and a year to date share price decline of 7.6%, while the 3 year total shareholder return of about 108% points to a very different longer term story. This suggests momentum has recently cooled after a strong multi year run.
If Corebridge's mixed momentum has you thinking about where else returns could come from, this is a good moment to scan 19 top founder-led companies
So with the stock trading at $28.05, annual revenue of about $18.7b, net income of $245m and various indicators suggesting a possible discount to estimates, is this a genuine opportunity, or is the market already pricing in future growth?
Most Popular Narrative: 20.4% Undervalued
With Corebridge Financial closing at $28.05 against a narrative fair value of $35.23, the current price sits well below that valuation anchor, and the gap all comes down to specific views on future earnings power and capital returns.
The transformative exit from legacy variable annuity risk via the reinsurance transaction has enhanced Corebridge's balance sheet, reducing earnings volatility and freeing significant capital for EPS accretive share repurchases, expected to accelerate EPS growth and return on equity.
Read the complete narrative.
Want to see what is behind that confidence in earnings and buybacks? The narrative hangs on a detailed path for revenue growth, margin rebuild and a future earnings multiple that may surprise you.
Result: Fair Value of $35.23 (UNDERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, you still need to keep an eye on risks such as pressure on private credit valuations and any loss of key distribution partnerships that could challenge this story.
Find out about the key risks to this Corebridge Financial narrative.
Another angle on Corebridge's valuation
The earlier fair value narrative leans on future earnings and cash flows. On current numbers though, Corebridge trades on a P/E of 52.3x, compared with 10.7x for peers, 17.1x for the broader US Diversified Financial industry and a fair ratio of 22.2x. That gap points to meaningful valuation risk if sentiment cools.
Story Continues
To see what the numbers say about this price, review the See what the numbers say about this price — find out in our valuation breakdown.NYSE:CRBG P/E Ratio as at May 2026
Next Steps
Conflicted by the mix of opportunities and concerns around Corebridge? Take a closer look at the underlying data and weigh up the 3 key rewards and 3 important warning signs
Looking for more investment ideas?
Corebridge might be on your radar, but you do not want to stop there. The real edge comes from scanning a wider set of quality opportunities.
Target potential mispricings by scanning 44 high quality undervalued stocks that combine solid fundamentals with market skepticism. Build income-focused watchlists by reviewing 12 dividend fortresses that offer yields many investors overlook. Prioritize resilience by checking 74 resilient stocks with low risk scores that score well on financial strength and stability.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include CRBG.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- Halper Sadeh LLC is Investigating Whether SILA, ESPR, CRBG, EQH are Obtaining Fair Deals for their Shareholders
May 7, 2026
Insiders may stand to receive substantial financial benefits not available to ordinary shareholders.
The proposed transactions may contain terms that could limit superior competing offers.
Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.
NEW YORK, May 06, 2026 (GLOBE NEWSWIRE) -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:
Sila Realty Trust, Inc. (NYSE: SILA)’s sale to affiliates of Blue Owl Real Estate Capital LLC for $30.38 per share. If you are a Sila shareholder, click here to learn more about your legal rights and options.
Esperion Therapeutics, Inc. (NASDAQ: ESPR)’ssale to funds managed by ARCHIMED for $3.16 per share in cash and the right to participate in contingent milestone payments. If you are an Esperion shareholder, click here to learn more about your rights and options.
Corebridge Financial, Inc. (NYSE: CRBG)’s merger with Equitable Holdings, Inc. whereby each outstanding share of Corebridge common stock will be exchanged for 1.0000 shares of the combined company’s common stock. Upon closing of the proposed transaction, Corebridge shareholders will own approximately 51% of the combined company. If you are a Corebridge shareholder, click here to learn more about your rights and options.
Equitable Holdings, Inc. (NYSE: EQH)’s merger with Corebridge Financial, Inc. whereby each outstanding share of Equitable common stock will be exchanged for 1.55516 shares of the combined company’s common stock. Upon closing of the proposed transaction, Equitable shareholders will own approximately 49% of the combined company. If you are an Equitable shareholder, click here to learn more about your legal rights and options.
On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures and information, or other relief and benefits.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
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- Corebridge Financial Q1 Earnings Call Highlights
May 6, 2026
Corebridge Financial logo
Key Points
Merger with Equitable: Corebridge says the deal will create a diversified firm with about $1.5 trillion AUM and 12 million customers, target $500 million of expense synergies and management expects earnings to exceed $5 billion and cash generation to exceed $4 billion by 2027; the Form S-4 filing is imminent and integration planning is underway. Q1 performance: Adjusted pretax operating income was $629 million and GAAP EPS $1.05, with results pressured by variable investment income (VII); excluding VII and notable items EPS rose ~13% year-over-year and management says the VII marks were largely non‑recurring and have begun to reverse. Capital, liquidity and portfolio positioning: The company finished the quarter with >$1.7 billion of holding-company liquidity, received $925 million of insurance dividends, returned $1.4 billion to shareholders and is exploring share repurchases pre- and post-close, while its $284 billion statutory portfolio includes $49 billion of private debt (91% investment grade) and $1.7 billion of BDC debt (no equity). Interested in Corebridge Financial, Inc.? Here are five stocks we like better.
Corebridge Financial (NYSE:CRBG) reported first-quarter 2026 results that executives said reflected resilient underlying performance amid market volatility, while management also outlined progress toward its planned merger with Equitable and highlighted customer experience investments across the organization.
Merger with Equitable: rationale, progress, and capital actions
President and CEO Marc Costantini said the planned combination with Equitable is intended to create a diversified financial services company with leading positions across retirement, life, wealth and asset management. Costantini said the combined company would have more than 12 million customers and $1.5 trillion in assets under management and administration, along with “a large multi-channel distribution ecosystem” and $500 million of targeted expense synergies, plus “meaningful upside opportunities” from revenue, tax and capital synergies.
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Costantini also reiterated longer-term financial targets tied to the merger, including expectations that by 2027 earnings will exceed $5 billion per year and cash generation will exceed $4 billion per year. He said the transaction is expected to be immediately accretive to earnings per share and cash generation, with both increasing to 10% or more by year-end 2028.
On deal milestones, Costantini said Corebridge has completed “a vast majority” of regulatory filings and expects to file its Form S-4 with the SEC “shortly.” He added that integration management offices at both companies are planning for integration and capturing synergies, and that the executive team of the combined company “has been determined and will be communicated soon.”
Story Continues
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In response to analyst questions, management emphasized it has not seen distribution partner pushback since announcing the transaction. Costantini said the company had considered potential “dyssynergies” and reached out to partners, but “we haven’t heard any…apprehension.” Interim CFO and Chief Accounting Officer Christopher Filiaggi added that overlap among the largest distributors on each side is “de minimis,” and said the firms view scale and manufacturing breadth as beneficial for advisors.
Costantini also addressed timing around share repurchases. He said Corebridge is exploring repurchases prior to deal close, including during the period between filing a preliminary proxy and mailing the final proxy, and expects another repurchase window after the shareholder vote in the summer, subject to blackout periods. He said any remaining planned capital deployment would likely occur post-close, “likely through an accelerated share repurchase.”
First-quarter results: VII weighed on headline metrics
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Filiaggi said first-quarter performance was “largely in line with our guidance from the fourth quarter,” pointing to diversified earnings and active capital deployment balanced by expense control and portfolio optimization.
Corebridge reported adjusted pretax operating income of $629 million and earnings per share of $1.05. Filiaggi said results were impacted by underperformance in variable investment income (VII). Excluding VII and notable items, he said EPS increased 13% year-over-year, and he cited a “run rate operating EPS” of $1.17 when adjusting for long-term alternative investment returns and notable items, up 9% year-over-year. Adjusted return on equity was 10.6%, or about 12% on a run rate basis, he said.
Filiaggi said VII returns reflected “positive alternative investment returns” offset by unrealized mark-to-market losses on certain fair-value investments recorded in adjusted pretax operating income.
Chief Investment Officer Lisa Longino later provided additional detail, telling analysts the quarter included “non-recurring marks on otherwise fixed income assets that are held in vehicles” that run through operating income rather than OCI. She said those marks had reversed and that the company is “not expecting to see that again.” Longino added that VII looked “slightly better” heading into the second quarter, though “second quarter could be below expectations just given the volatility in the market.”
Business mix and segment trends
Filiaggi said core sources of income excluding alternatives and notable items increased 1% year-over-year, with fee income up 9% due to growth in assets under management and advisory and favorable market tailwinds. Spread income increased 1%, which he said aligned with guidance reflecting the impact of 2025 Federal Reserve rate cuts; he estimated base spread income would have been $20 million to $25 million higher absent those cuts. Underwriting margin declined 2% year-over-year due to “exceptionally favorable mortality” in the first quarter of 2025. General operating expenses were in line with expectations, reflecting platform investments and typical first-quarter seasonality.
Individual Retirement: Premiums and deposits were $4.3 billion, with net flows into the general account positive at about $0.5 billion. Filiaggi said market share of total annuity sales was maintained year-over-year, citing LIMRA’s first-quarter industry projections. He reaffirmed the estimate for base spread income of approximately $2.55 billion for the full year and said spread compression is expected to level off by the end of 2026, assuming the current outlook and two additional Fed rate cuts. Group Retirement: Advisory and brokerage initiatives drove record AUMA and net flows of more than $300 million in the quarter, Filiaggi said. Adjusted pretax operating income declined 17% year-over-year, reflecting lower spread income partially offset by higher fee income, as the business shifts intentionally toward fee-based earnings. Costantini later told analysts the spread-to-fee transition could take another 12 to 24 months to work through, with merger-related cross-selling benefits likely taking hold after close and into 2027. Life Insurance: Filiaggi said results were in line with guidance and reflected higher seasonal mortality of $15 million to $20 million. Sales were $850 million, and adjusted pretax operating income declined 5% year-over-year, with mortality trends favorable but not as strong as the prior-year quarter. Institutional Markets: First-quarter sales included more than $1 billion in guaranteed investment contracts, and adjusted pretax operating income increased 15% year-over-year, supported by an 18% increase in reserves and a 13% rise in assets under management and administration. Costantini also noted the company issued $1 billion of GICs in January, including its first Canadian dollar-denominated GIC. Management said the pension risk transfer pipeline remains healthy, with greater activity expected in the second half of 2026.
Capital, liquidity, and dividends
Filiaggi said the company ended the quarter with more than $1.7 billion in holding company liquidity and received $925 million of dividends from its U.S. insurance companies. He said capital return to shareholders totaled $1.4 billion in the quarter, including completion of planned capital returns related to a variable annuity reinsurance transaction, totaling $1.8 billion. Excluding the VA reinsurance proceeds, Filiaggi said the company maintained its payout target with a payout ratio of 88%.
On insurance company dividend expectations, Filiaggi reiterated guidance for approximately $2.3 billion of insurance company distributions in 2026, including a final $300 million dividend from the Venerable transaction, implying about $2 billion of normalized insurance dividends. He said Corebridge “accelerate[d] a portion of our dividends in 1Q” and that dividends should be lower for the rest of the year, “more in the $450-$500 range.”
Portfolio positioning and industry headlines
Addressing questions about life insurers’ investment portfolios, Filiaggi emphasized Corebridge’s private debt exposure and related risk management. He said that within the company’s $284 billion statutory investment portfolio, $49 billion is private debt and 91% of that private debt is rated investment grade. He added that the company maintains processes to underwrite and monitor private assets whether originated internally or externally.
Filiaggi said middle market lending totaled $3.3 billion, or about 1% of the overall portfolio, and that the firm expects any losses in that allocation to be “yield adjustments and not credit events.” He also said software-sector exposure within that middle market book was less than $300 million and “all of it is currently performing.”
On business development companies, Filiaggi said Corebridge holds $1.7 billion of debt issued by BDCs and has no equity exposure. Longino told analysts Corebridge focuses on larger BDCs and views their portfolios as cash-generative and diversified. She said Corebridge’s BDC exposure is “all investment grade” and that the company continuously reviews asset coverage ratios, adding that its stress testing indicates “solid recovery through the unsecured BDC debt because of the structuring.”
Longino also addressed proposed RBC factor changes for CLOs, saying early indications are the impact would be minimal for Corebridge given the structure of its CLO portfolio.
Customer experience, digital initiatives, and branding plans
Costantini said Corebridge is investing to improve customer experience, including establishing a customer council comprised of cross-functional senior leaders. He highlighted operational efforts such as enhancing digital submissions, strengthening upfront suitability checks, improving real-time application status, and moving permanent life products onto a digital submission platform. He also cited a new wealth management digital experience launched the prior month and a new payroll platform aimed at making it easier for Group Retirement plan sponsors to integrate payroll data.
In the Q&A, Costantini said the company is accelerating AI deployment with a focus on “differentiated outcomes,” including enabling distribution and improving servicing. He gave an example of “digital agents” deployed to help Group Retirement servicing teams surface relevant plan and contract information. He added that the two companies will operate independently until close, but are comparing initiatives and identifying overlap to inform integration planning.
Costantini also said the combined company will move forward under the Equitable brand after the merger, citing Equitable’s “167-year-old brand,” while continuing to invest in the AllianceBernstein brand. He said the company does not expect business ramifications from the brand change and believes it will be “value add.”
About Corebridge Financial (NYSE:CRBG)
Corebridge Financial (NYSE: CRBG) is a publicly traded provider of retirement, life insurance and asset management solutions. Formed from the separation of American International Group’s life and retirement operations, Corebridge focuses on helping individuals, employers and institutions manage retirement income, protect against longevity and mortality risks, and invest long-term savings. The company operates under a unified brand that brings together insurance products and investment capabilities to deliver integrated financial solutions.
Corebridge’s product suite includes retirement income and annuity products, individual and group life insurance, asset management and investment advisory services, and employer-sponsored retirement plan offerings.
The article "Corebridge Financial Q1 Earnings Call Highlights" was originally published by MarketBeat.
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- AIG Announces the Sale of Its Remaining Stake in Corebridge Financial, Inc.
May 5, 2026
NEW YORK, May 05, 2026--(BUSINESS WIRE)--American International Group, Inc. (NYSE: AIG) today announced that it has agreed to sell approximately 25 million shares of common stock of Corebridge Financial, Inc. (NYSE: CRBG), representing its remaining stake in the company. The sale, which is expected to close on May 7, will result in net proceeds to AIG of approximately $710 million.
Peter Zaffino, Chairman & CEO, AIG, said, "Today’s sale of our remaining stake in Corebridge marks the culmination of a five-year separation and a significant milestone in the successful execution of our strategy to exit the life and retirement business. We have transformed AIG into a more focused, leading, global property & casualty insurance company. This final step reflects years of disciplined planning, commitment, execution, and perseverance. Since Corebridge’s IPO in 2022, we have worked to ensure the company had the capabilities to operate effectively as a stand-alone organization and is well positioned for long-term success. I would like to thank our colleagues at both AIG and Corebridge for their outstanding work executing the separation and positioning both companies for continued momentum."
About AIG American International Group, Inc. (NYSE: AIG) is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in more than 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses and authorizations as well as network partners. For additional information, visit www.aig.com. This website with additional information about AIG has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.
AIG is the marketing name for the worldwide operations of American International Group, Inc. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260505523830/en/
Contacts
Andrew Johnson (AIG Media): andrew.r.johnson@aig.com
Quentin McMillan (AIG Investors): quentin.mcmillan@aig.com
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- Corebridge Financial Declares Preferred Stock Dividend
May 5, 2026
HOUSTON, May 05, 2026--(BUSINESS WIRE)--Corebridge Financial, Inc. (NYSE: CRBG) today announced that it has declared a dividend of $36.85763889 per share on its 6.875% fixed rate reset non-cumulative preferred stock, Series A, with a liquidation preference of $1,000 per share. The declared dividend includes the regular semi-annual dividend and a stub dividend for the period from the Series A preferred stock’s issuance on November 13, 2025, through November 30, 2025. The dividend is payable on June 1, 2026, to holders of record at the close of business on May 15, 2026.
About Corebridge Financial
Corebridge Financial, Inc. makes it possible for more people to take action in their financial lives. With more than $380 billion in assets under management and administration as of March 31, 2026, Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States. We proudly partner with financial professionals and institutions to help individuals plan, save for and achieve secure financial futures. For more information, visit corebridgefinancial.com and follow us on LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260505317485/en/
Contacts
Işıl Müderrisoğlu (Investors): investorrelations@corebridgefinancial.com
Paul Miles (Media): media.contact@corebridgefinancial.com
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- AIG Announces the Sale of Its Remaining Stake in Corebridge Financial, Inc.
May 5, 2026 · businesswire.com
NEW YORK--(BUSINESS WIRE)--American International Group, Inc. (NYSE: AIG) today announced that it has agreed to sell approximately 25 million shares of common stock of Corebridge Financial, Inc. (NYSE: CRBG), representing its remaining stake in the company. The sale, which is expected to close on May 7, will result in net proceeds to AIG of approximately $710 million. Peter Zaffino, Chairman & CEO, AIG, said, “Today's sale of our remaining stake in Corebridge marks the culmination of a five.
