Aquarian Holdings, leading a consortium, is in “advanced” negotiations to acquire Brighthouse Financial, with a potential offer ranging from $65 to $70 per share, reported Bloomberg, citing sources.  

The deal could value the insurance service provider at approximately $4bn, the news agency noted.  

Aquarian is collaborating with co-investors such as the Qatar Investment Authority and Mubadala Capital, which are expected to contribute more than half of the capital for the acquisition. 

Brighthouse may soon decide whether to proceed with the sale or maintain its independence, said sources.  

While the talks are ongoing, no definitive decision has been made, and the discussions could still fail to result in an agreement.  

A Brighthouse representative has refused to comment and Aquarian has not yet responded to requests for comment from Bloomberg on the deal. 

Brighthouse is known for operating in the annuities and life insurance sectors.  

In the second quarter of 2025 (Q2 2025), the company reported net income available to shareholders of $60m, an increase from $9m in the same quarter the previous year.  

However, adjusted earnings dropped to $198m during the quarter, from $346m reported in Q2 2024. 

The company’s Life segment reported an adjusted loss of $26m in the current quarter, a decline from adjusted earnings of $42m in Q2 2024. 

The Run-off segment also saw an adjusted loss of $83m, compared to a $30m loss in the prior year’s quarter.  

Additionally, the Annuities segment maintained its adjusted earnings at $332m, consistent with Q2 2024’s performance. 

In March 2025, Aquarian announced the creation of Aquarian Insurance Holdings to “optimise growth and synergies” within its reinsurance and retail insurance businesses.