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Private equity firms acquire major U.S. life insurers

Private equity firms acquire major U.S. life insurers

Money Moves

Private equity's expanding presence in U.S. life insurance

February 12th, 2026: Brighthouse Shareholders Approve Merger

Overview

Updated May 27

Brighthouse Financial shareholders voted on February 12, 2026, to approve a $4.1 billion all-cash acquisition by Aquarian Capital, making the company the latest major U.S. life insurer to exit public markets for private equity ownership. The deal—at $70 per share, a 37% premium to the unaffected stock price—continues a decade-long trend of alternative asset managers acquiring insurers that hold Americans' retirement savings.

What began with Apollo Global Management's creation of Athene during the 2008 financial crisis is now a major trend in the U.S. insurance industry. Private equity and alternative asset managers control insurers with more than $700 billion in assets, drawn by the 'permanent capital' that annuity premiums provide and the opportunity to invest it in higher-yielding private credit. Regulators scrutinize whether these new owners take more risk with policyholders' money than traditional insurers did.

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Key Indicators

$4.1B
Brighthouse acquisition value
All-cash transaction approved by shareholders on February 12, 2026
$243B
Brighthouse total assets
Assets that will move from public company to private equity ownership
2M+
Brighthouse policyholders
Number of annuity contracts and life insurance policies in force
$700B+
PE-controlled insurance assets
Total insurance assets now controlled by private equity and alternative managers

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People Involved

Rudy Sahay
Rudy Sahay
Founder and Managing Partner, Aquarian Capital
Leading Brighthouse acquisition
 Eric Steigerwalt
Eric Steigerwalt
President and Chief Executive Officer, Brighthouse Financial
Continuing as CEO post-acquisition

Organizations Involved

Brighthouse Financial
Brighthouse Financial
Life Insurance and Annuity Company
Acquisition by Aquarian Capital pending regulatory approval

One of the largest U.S. providers of annuities and life insurance, serving more than 2 million policyholders with approximately $243 billion in total assets.
Aquarian Capital
Aquarian Capital
Private Equity / Alternative Asset Manager
Acquiring Brighthouse Financial

Alternative asset manager focused on insurance and retirement solutions, backed by Mubadala Capital and RedBird Capital Partners.

Timeline

January 2009 February 2026

9 events Latest: February 12th, 2026 · 6 months ago
Tap a bar to jump to that date

  1. Brighthouse Shareholders Approve Merger

    Latest Shareholder Vote

    Brighthouse Financial stockholders vote to adopt the merger agreement at a special meeting. The transaction now awaits antitrust clearance and insurance regulatory approvals in Delaware, New York, and Massachusetts.

  2. Aquarian Announces Brighthouse Acquisition

    M&A Announcement

    Aquarian Capital announces definitive agreement to acquire Brighthouse Financial for $70 per share in an all-cash transaction valued at approximately $4.1 billion.

  3. Aquarian Raises $1.5 Billion

    Financing

    Aquarian Capital raises nearly $1.5 billion from Mubadala Capital and other investors to expand its insurance and credit businesses.

  4. KKR Takes Full Ownership of Global Atlantic

    Industry Milestone

    KKR acquires the remaining 37% of Global Atlantic for $2.7 billion, making it a wholly owned subsidiary. Global Atlantic's assets under management have grown to $158 billion.

  5. Apollo Completes Athene Merger

    Industry Milestone

    Apollo completes its $11 billion merger with Athene, bringing the annuity provider fully in-house and making Athene the largest U.S. issuer of annuities with $236 billion under management.

  6. KKR Announces Global Atlantic Acquisition

    Industry Milestone

    KKR agrees to acquire retirement and life insurance company Global Atlantic in a deal initially valued at $4.7 billion, gaining access to $72 billion in assets.

  7. Brighthouse Begins Trading on Nasdaq

    Corporate Action

    Brighthouse Financial completes its separation from MetLife and begins trading under ticker symbol BHF with more than $223 billion in total assets.

  8. MetLife Announces Brighthouse Spinoff

    Corporate Action

    MetLife announces plans to separate its U.S. retail life insurance and annuity business to reduce regulatory scrutiny and capital requirements tied to variable annuity products.

  9. Apollo Creates Athene During Financial Crisis

    Industry Milestone

    Apollo Global Management establishes Athene Holding to acquire distressed annuity blocks, pioneering the private equity-insurance model that would reshape the industry.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

January 2016 - August 2017

MetLife Brighthouse Spinoff (2016-2017)

MetLife announced it would separate its U.S. retail life insurance and annuity business to escape potential designation as a 'systemically important financial institution' under Dodd-Frank and to reduce capital requirements tied to variable annuity guarantees. The new company, Brighthouse Financial, began trading in August 2017.

Then

MetLife transformed into a less capital-intensive company focused on group benefits. Brighthouse launched with $223 billion in assets.

Now

Brighthouse struggled with the same challenges MetLife sought to escape: low interest rates and variable annuity exposures. The stock underperformed, trading around $51 before the acquisition premium.

Why this matters now

MetLife spun off Brighthouse because public market investors punished capital-intensive variable annuity exposure. Private equity buyers view the same assets differently—as sources of permanent capital with predictable liability profiles.

July 2020 - January 2024

KKR-Global Atlantic Acquisition (2020-2024)

KKR acquired retirement and life insurance company Global Atlantic in 2020 for $4.7 billion, initially taking a 60% stake. Four years later, KKR purchased the remaining 37% for $2.7 billion to gain full ownership.

Then

Global Atlantic's assets under management grew from $72 billion to $158 billion under KKR ownership.

Now

Global Atlantic became the platform for KKR's expansion into retirement services, recently attracting a $2 billion investment from Japan Post Insurance.

Why this matters now

KKR's experience shows how private equity owners can rapidly grow insurance platforms through new business and reinsurance transactions. Aquarian likely sees similar growth potential in Brighthouse.

March 2021 - January 2022

Apollo-Athene Merger (2021-2022)

Apollo Global Management agreed to fully acquire Athene Holding—an annuity provider Apollo had created during the 2008 financial crisis—in an $11 billion all-stock deal. The merger brought together a private equity giant and the largest U.S. annuity issuer, creating a combined company with $43 billion in market capitalization.

Then

Apollo became eligible for S&P 500 inclusion and transformed from a fee-heavy private equity firm to a spread-oriented credit company.

Now

Athene now represents roughly half of Apollo's business and manages $236 billion in annuity policies. The model proved so successful that competitors rushed to replicate it.

Why this matters now

The Apollo-Athene merger established the template that Aquarian is now following with Brighthouse: acquire an insurer with permanent capital from annuity premiums, then invest those assets in higher-yielding private credit.

Sources

(10)
+4
Business Wire InvestmentNews Aquarian Capital Bloomberg Mayer Brown Private Equity Insights Brighthouse Financial Investor Relations Deloitte Bloomberg Aquarian Capital