Key facts
- Nippon Life Insurance committed its 26.7% stake in Corebridge Financial to support the merger with Equitable Holdings.
- Nippon Life Insurance owns 121,992,454 shares of Corebridge common stock as of March 23, 2026.
- The Voting and Support Agreement requires Nippon Life to vote its shares in favor of the merger and not transfer them before the shareholder vote.
- The merger will create a company with over 12 million customers and $1.5 trillion in assets under management and administration.
- The combined company is expected to deliver over 10% accretion to earnings per share by the end of 2028.
- Nissay Asset Management Corporation, a subsidiary of Nippon Life, bought 33 shares of Corebridge stock on February 27, 2026, at $25.84 per share.
Nippon Life Insurance is set to benefit from its affiliate Corebridge Financial's impending merger with American financial services firm Equitable Holdings. Nippon Life, which designated Corebridge as an equity-method affiliate in 2024, has formally committed its 26.7% stake in Corebridge to support the merger. The Japanese insurer's support is outlined in a Voting and Support Agreement, dated April 8, 2026, filed with the SEC. Under this agreement, Nippon Life must vote its covered shares in favor of the merger-related proposals and refrain from transferring its stock until stockholder approval, with limited exceptions. The company also agreed to use reasonable best efforts to secure necessary regulatory and governmental approvals.
The merger, announced on March 26, 2026, will combine Corebridge and Equitable into a leading retirement, life, wealth, and asset management company. The combined entity is expected to serve over 12 million customers and manage $1.5 trillion in assets under management and administration. The transaction is valued at approximately $22 billion, based on closing stock prices as of March 25, 2026. Both companies anticipate significant synergies, with the combined entity projected to achieve over 10% accretion to earnings per share by the end of 2028. At the closing of the merger, Nippon Life and the new holding company are expected to enter into new stockholder's and registration rights agreements, replacing existing arrangements with substantially similar terms. A subsidiary of Nippon Life, Nissay Asset Management Corporation, made a small open-market purchase of 33 Corebridge shares on February 27, 2026, at $25.84 per share.