May 5, 2026

Corebridge Financial, Equitable Holdings post Q1 earnings as merger looms

Even as Equitable Holdings and Corebridge Financial reported separate first-quarter results Tuesday, analysts focused largely on what lies ahead for the two companies as a powerful combined entity.

Corebridge and Equitable announced a March merger to form a $22 billion entity, a deal expected to close by year-end 2026. The partnership of two top-five annuity sellers comes with the potential to dominate the annuity and retirement market.

The new company will keep the Equitable name, with CEO Mark Pearson calling the merger a pivotal moment in the company’s 166-year history. The new powerhouse Equitable will deliver broader retirement, insurance and asset management offerings to more than 12 million customers, he told Wall Street analysts.

Pearson emphasized that the merger with Corebridge is designed to accelerate growth by combining complementary strengths across retirement products, life insurance, wealth management and asset management.

“We knew that Equitable would need to become more diversified over time in order to fully participate in the growing U.S. retirement market,” he explained. “Combining with Corebridge makes us a top three provider of fixed and indexed annuities and expands our institutional capabilities, notably in pension risk transfer.”

The combined company is expected to manage approximately $1.5 trillion in assets and generate more than $4 billion in annual cash flow. Executives project at least $500 million in expense synergies and more than 10% earnings accretion on a run-rate basis by 2028.

Chief Financial Officer Robin Raju said the merged entity will benefit from a stronger and more diversified earnings mix, with balanced contributions from fee-based and spread-based income.

“We will have a more diversified business mix with equal contribution from fee and spread based earnings,” Raju said. “This should help us generate more consistent earnings in different market environments.”

‘We are stronger together’

The company also highlighted the role of AllianceBernstein, its asset management arm, which is expected to receive at least $100 billion in additional assets from the merger over the next several years. AllianceBernstein currently manages $85 billion in private markets assets and is targeting up to $100 billion by 2027.

In the first quarter, AllianceBernstein reported net outflows of $7.1 billion, primarily in active equities and fixed income, though private markets and private wealth segments saw positive inflows.

Equitable’s retirement business posted strong sales growth, with total sales rising 10% year over year and net inflows reaching $1.3 billion. Wealth management also performed well, generating $2 billion in advisory net inflows over the past 12 months.

The company posted non-GAAP operating earnings of $1.62 per share, or $1.68 per share after adjustments, up 25% from a year earlier. Growth was driven by higher assets under management, improved mortality experience and a lower share count. Total assets under management reached $1.1 trillion, a 9% increase year over year.

Pearson said integration planning is already underway, with the “top 50 or so” leaders from both companies working to confirm synergies and operational alignment.

“We are stronger together in terms of our product breadth, in terms of our distribution, in terms of the scale,” he said.

The transaction is expected to close following regulatory approvals and a shareholder vote, with additional financial details to be disclosed as integration progresses.

Corebridge report

Executives at Corebridge Financial said the company is advancing toward its planned merger while posting first-quarter results that showed steady underlying growth and ongoing capital returns to shareholders.

The company said it has completed most required regulatory filings and expects to file its Form S-4, including the shareholder proxy statement, with the Securities and Exchange Commission soon.

Corebridge CEO Marc Costantini said an executive team for the combined company has been selected and will be announced soon.

“Our combined distribution capabilities will be formidable,” he added during a Corebridge call with Wall Street analysts. “We will have a large multi-channel distribution ecosystem to reach the broadest possible customer base.”

For the quarter, Corebridge reported adjusted pretax operating income of $629 million, or $1.05 per share, down from the year-ago quarter.

Interim Chief Financial Officer Christopher Filiaggi said results were affected by weaker variable investment income. Excluding that impact and other notable items, adjusted earnings per share rose 13% from a year earlier.

Corebridge said first-quarter performance reflected strength across its retirement, life insurance and institutional markets businesses despite volatile market conditions.

In individual retirement, premium deposits totaled $4.3 billion, while general account net flows remained positive at about $500 million.

In group retirement, advisory and brokerage assets reached record levels, with net inflows of more than $300 million. The company said fee-based earnings now account for nearly 60% of group retirement earnings as the business continues shifting away from spread-based income.

Corebridge’s life insurance business generated $850 million in sales during the quarter. In institutional markets, the company issued $1 billion in guaranteed investment contracts in January, including its first Canadian-dollar-denominated contract.

Executives also highlighted customer-service initiatives aimed at improving digital capabilities and streamlining transactions. The company launched a customer council this year and has expanded digital tools for wealth management clients, life insurance applications and payroll integration for retirement plan sponsors, Costantini noted.

Corebridge ended the quarter with more than $1.7 billion in liquidity at the holding company level.

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