BHF

The past six months have been significantly impacted by ongoing acquisition attempts and regulatory scrutiny. In November 2025, Aquarian Capital LLC announced a definitive merger agreement to acquire Brighthouse Financial for $70.00 per share in an all-cash transaction valued at approximately $4.1 billion. Shareholders approved this deal in February 2026, but it remains pending regulatory approval, with the closing delayed until December 6, 2026, causing stock volatility due to doubts about regulatory approvals and deal certainty. In September 2026, Brighthouse Financial's stock rose following a report that Sixth Street is considering a renewed bid if the current deal falls through due to regulatory delays, specifically Delaware's insurance regulator questioning Aquarian's funding sources. Regarding earnings, Brighthouse Financial reported a net loss of $792 million in Q1 2026 and adjusted earnings of $198 million in Q2 2026. Annuity sales in Q1 2026 were $2.2 billion, a decrease of 4% quarter-over-quarter, while life sales totaled $32 million, an 11% decrease. However, Q2 2026 saw an increase in total U.S. annuity sales, with registered index-linked annuities (RILAs) setting a new quarterly record.