AM Best Places Credit Ratings of Corebridge Financial Inc.’s Subsidiaries Under Review with Developing Implications

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has placed under review with developing implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of the subsidiaries of Corebridge Financial, Inc. (Corebridge Financial). (Please see below for a detailed list of the companies and ratings.)

These Credit Ratings (ratings) have been placed under review with developing implications following the announcement on March 26, 2026, that Corebridge Financial has entered into a definitive agreement to combine in an all-stock merger, with Equitable Holdings, Inc. (Equitable). Under the merger agreement, Corebridge Financial and Equitable will form a new parent company and following the close of the transaction; Corebridge Financial shareholders will own approximately 51% of the company, and Equitable shareholders will own approximately 49% of the combined entity. Once the transaction closes the combined company will operate under the “Equitable” name and trade under the ticker symbol “EQH” on the New York Stock Exchange. The combined company will have board representation from both Combined Financial and Equitable, with those members being fully disclosed prior to transaction’s closing; the combined company will then be headquartered in Houston, TX.

The transaction is expected to result in a larger, more diversified financial services entity with meaningful scale across the retirement, life insurance, wealth, and asset management segments as well as additional capacity for institutional transactions. The merger brings together two institutions with aligned strategic objectives. The combined entity is expected to serve over 12 million customers, indicating a substantial market presence and is underpinned by approximately $1.5 trillion in assets under management and administration.

The transaction is expected to close by year-end 2026, subject to customary closing conditions, including the receipt of required regulatory approvals and approval of shareholders of both Corebridge Financial and Equitable. The ratings will remain under review with developing implications until the transaction closes and AM Best conducts discussions with the combined company’s management team regarding the group’s future strategy.

The FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) have also been placed under review with developing indications for the following subsidiaries of Corebridge Financial:

• AGC Life Insurance Company
• American General Life Insurance Company
• United States Life Insurance Company in the City of New York
• The Variable Annuity Life Insurance Company

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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