Equitable Holdings, Inc. · NYSE:EQH
Equitable — Merger or Acquisition (March 2026)
22 slides from Equitable's merger presentation, Mar 26, 2026
Slide 1: Creating an Industry Leader
Creating an Industry Leader March 26, 2026
Slide 2: Cautionary Statement Regarding Forward-Looking Information
Cautionary Statement Regarding Forward-Looking Information This investor presentation 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 19
Slide 3: Important Information and Where to Find It
Important Information and Where to Find It This investor presentation relates to the Proposed Transaction that may become the subject of a Registration Statement on Form S-4 to be filed by the new parent company with the SEC. The Registration Statement will include a joint proxy statement of Corebri
Slide 4: Merger Creates a Diversified Financial Services Company Focused on Delivering Value for Customers and Shareholders
Merger Creates a Diversified Financial Services Company Focused on Delivering Value for Customers and Shareholders Creates Leading Retirement, Life, Wealth and Asset Management Company with Over 12 Million 1 Customers and $1.5 Trillion in AUM/A (1) 2 Offers Formidable Distribution Capabilities with
Slide 5: Transaction Highlights
Transaction Highlights • All-stock merger • Companies to form a new parent company ‒ Each outstanding share of Corebridge common stock will be exchanged for the right to receive 1.00000 shares of the new parent company’s common stock Transaction ‒ Each outstanding share of Equitable common stock wil
Slide 6: Shared Mission to Empower Our Clients to Retire with Confidence
Shared Mission to Empower Our Clients to Retire with Confidence Win with Expand Our Provide Holistic Enhance Customer Customers Distribution Reach Wealth Planning Experience • Offer full suite of • Utilize multi-channel • Help individuals and • Connect with the solutions to meet distribution to reac
Slide 7: Shared Vision for Driving Growth and Shareholder Value
Shared Vision for Driving Growth and Shareholder Value Capitalize on Scale Capture the Full Advantages Value Chain ✓ Top-quartile expense ratio ✓ Operate as a manufacturer, supports higher profitability distributor and asset manager to capture greater ✓ Lower cost of capital share of product economi
Slide 8: Leading Retirement, Life, Wealth & Asset Management Company
1 Leading Retirement, Life, Wealth & Asset Management Company Scaled Platform to Better Serve Customers #1 Life & Annuity Company by U.S. Earnings (4) ~12M ~$1.5T Customers (1) AUM/A (1) $5B+ $500M 2027E Run-Rate Adj. Expense Synergies by Industry-Leading Retirement Player Operating Earnings (5) the
Slide 9: Formidable Multi-channel Distribution Platform
2 Formidable Multi-channel Distribution Platform Wholesale Workplace Retail (Banks, B/D, IMO) (403(b) / 457) Equitable Advisors Bernstein Private Wealth • Over 900 distribution • Broad access to 403(b) • Top 10 (1) independent • Scaled platform with high- relationships across and 457 opportunities;
Slide 10: Positioned for Growth in Retirement, Institutional Markets & Life
3 Positioned for Growth in Retirement, Institutional Markets & Life Potential Opportunity Individual ~$250B AUM/A • Size of Segment: $460B+ Sales (1) • Top-5 position in all retail annuity Retirement ~$130B AUM/A (2) $120B AUM/A products and differentiated multi- #1 RILA Provider #3 Fixed/FIA Provid
Slide 11: Significant Growth Opportunity in Wealth Management
3 Significant Growth Opportunity in Wealth Management Key Drivers of Growth • Adds scale to Equitable ~$300B Advisors; opportunity for future margin expansion AUM • Strong track record of $122B $18B $156B recruiting and developing new advisors • Attractive value proposition to recruit Advisors ~4.6k
Slide 12: Expanding Asset Management Capabilities
3 Expanding Asset Management Capabilities ~68% Ownership Stake Has a Market Value of ~$7.5B (1) ~$967B • AB to grow AUM to almost ~$1T: $100B+ of Corebridge’s general and ~$867B ~$100B separate account assets to AB over time • Support AB growth by leveraging Corebridge’s internal asset origination c
Slide 13: Balanced Mix Supports Resilient Earnings Across Market Cycles
3 Balanced Mix Supports Resilient Earnings Across Market Cycles Operating Earnings by Segment Sources of Holding Sources of Income (Pre-tax) (1) Company Cash Flow Underwriting Margin Wealth Management EQH Insurance (4) Asset Management Individual Retirement 13% 5% 12% 22% Life (2) 6% 44% 2025A 2025A
Slide 14: Robust Balance Sheet and Consistent Cash Generation
4 Robust Balance Sheet and Consistent Cash Generation Consolidated RBC Ratio (1) 510% 475% 440% 433% 447% 440% 428% 425% 435% 402% 410% 411% 425% 426% 425% 389% 2018 (2) 2019 2020 2021 2022 2023 2024 2025 Organic Cash Generation ($B) (3) $3.8 $3.8 $3.8 $3.9 $3.7 $3.5 $3.3 $3.0 $2.2 $2.2 $2.2 $2.2 $2
Slide 15: High Quality Investment Portfolio
4 High Quality Investment Portfolio Pro forma Investment Portfolio Pro Forma Private Asset Portfolio Alternatives S-T Investments: 2% Middle Market Direct Other Govt (2) 2% Other (3) Lending 2% 4% 2% 6% CMBS 4% RMBS Private ABS 6% 18% Corporate Debt $366B $63B (4) (5) Corporate Private 47% ABS / CLO
Slide 16: Significant Synergies Accelerate Shareholder Value Creation
5 Significant Synergies Accelerate Shareholder Value Creation Projected Expense Synergies Potential Revenue Synergies • Expect to achieve $500M of annual pre-tax expense synergies • Shift over $100B of Corebridge general and separate on a run-rate basis by YE’28 account AUM to AB over time ‒ Expect
Slide 17: Immediately Accretive to EPS and Cash Generation; Increasing to 10%+ by the End of 2028
Immediately Accretive to EPS and Cash Generation; 5 Increasing to 10%+ by the End of 2028 ✓ Strong $500M (P/T) 10%+ Earnings Accretion Run-Rate Expense Synergies EPS Accretion (1) ✓ Increased $4B+ 10%+ Cash Generation Cash Generation (1) (2) Cash Generation Accretion (1) (2) ✓ Enhanced $5B+ 15%+ Pro
Slide 18: Merger Creates a Diversified Financial Services Company Focused on Delivering Value for Customers and Shareholders
Merger Creates a Diversified Financial Services Company Focused on Delivering Value for Customers and Shareholders Creates Leading Retirement, Life, Wealth and Asset Management Company with Over 12 Million 1 Customers and $1.5 Trillion in AUM/A (1) 2 Offers Formidable Distribution Capabilities with
Slide 19: Additional Materials
Additional Materials
Slide 20: Purchase Accounting Overview (PGAAP)
Purchase Accounting Overview (PGAAP) • In a merger, PGAAP requires the accounting acquirer (expected to be Corebridge) to record the assets and liabilities of the acquired company (Equitable) at fair value as of the acquisition date • The total fair value of the acquired company’s equity is set equa
Slide 21: Creating the Largest U.S-focused, Integrated Retirement, Asset and Wealth Management Franchise
Creating the Largest U.S-focused, Integrated Retirement, Asset and Wealth Management Franchise Largest by 2025 Non-GAAP U.S Operating Income ($B) (1) $4.1 $3.6 $3.4 $2.4 $2.2 $1.7 $1.5 $1.5 Equitable + MetLife Athene Corebridge Prudential Equitable Lincoln Principal Corebridge 1. Reflects Adjusted A
Slide 22: AllianceBernstein Overview
AllianceBernstein Overview Business Highlights Active Net Flows • Leading global active manager with distribution footprint in 21 countries $29.7B $26.3B • Capabilities across asset classes including active equity, active fixed income, multi-asset and alts; distribution across retail, institutional
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