Brighthouse Financial, Inc.

Sixth Street is considering a renewed bid to buy Brighthouse Financial, sending shares up 4% as the life insurer's pending deal with Aquarian languishes under regulatory review. Talcott Financial Group, an insurer backed by Sixth Street, sent a letter to Brighthouse's board last month reaffirming its wish to purchase the insurance and annuity provider if the current deal blows up, according to a Bloomberg report citing people familiar with the matter. Reuters reported last October that Sixth Street was in talks to buy Brighthouse for about $55 a share. Aquarian's planned acquisition of Brighthouse has now been delayed to Dec. 6 after a Sept. 6 deadline to complete the deal expired, and under the terms of that deal Brighthouse holders will receive $70.00 in cash per share. Delaware's insurance regulator recently questioned Aquarian founder Rudy Sahay in a closed-door meeting about the firm's sources of capital backing its purchase and how it will utilize the funds, and Insurance Commissioner Trinidad Navarro said the department is using its expertise along with carefully selected outside specialists to evaluate the proposed transaction. Aquarian said it remains committed to acquiring Brighthouse and believes it is the best partner to the company, while representatives for Brighthouse, the Delaware Department of Insurance, Sixth Street, and Talcott declined to comment to Bloomberg.

Brighthouse Financial shares surged 26.7% after news surfaced in November 2026 that Aquarian Capital would acquire the company for $4.1 billion. The stock is up 17.8% over the past year but down 1.8% year-to-date. Billionaire Glenn Dubin's Highbridge Capital increased its stake to 438,372 shares in the first quarter of 2026, up from 275,390 shares in the third quarter of 2025. Greenlight Capital noted the sale process provided a reasonable exit from a challenged situation, though the valuation at less than two-thirds of book value was not exciting.

Brighthouse Financial shares have risen 17.1% over the past year, outpacing the industry's 13.8% growth. The stock surged after Aquarian Capital offered to acquire the company in November 2025 for $70 per share, a price significantly above pre-announcement levels, and shareholder approval in February 2026 provided further support. The Zacks Consensus Estimate projects 2026 earnings per share to increase 22.8% year-over-year and revenues to rise 3%, with further growth expected in 2027. Annuity sales remain the primary earnings driver, generating $324 million in adjusted earnings in the first quarter of 2026, while the company continues to expand its life insurance offerings, including the launch of Brighthouse SmartGuard Plus. However, rising expenses and a debt-to-capital ratio of 35.9%, up 430 basis points from year-end 2025, remain key concerns.