Brighthouse Financial, Inc 8-K/A, filed Nov 8, 2024

Brighthouse Financial, Inc. (BHF)

8-K/A 2024-11-08 For: 2024-11-08

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Added on April 04, 2026

About this 8-K/A

Brighthouse Financial, Inc filed this 8-K/A on November 8, 2024.

Items reported

Item 2.02: Financial results
Item 7.01: Regulation FD disclosure
Item 9.01: Financial statements and exhibits

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Delaware	001-37905	81-3846992
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	BHF	The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 6.600% Non-Cumulative Preferred Stock, Series A	BHFAP	The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 6.750% Non-Cumulative Preferred Stock, Series B	BHFAO	The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series C	BHFAN	The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 4.625% Non-Cumulative Preferred Stock, Series D	BHFAM	The Nasdaq Stock Market LLC
6.250% Junior Subordinated Debentures due 2058	BHFAL	The Nasdaq Stock Market LLC


Emerging growth company									☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.									☐



Exhibit No.			Description
99.1 **			Financial Supplement for the quarter ended September 30, 2024, as updated November 8, 2024
99.2 **			News release of Brighthouse Financial, Inc., dated November 8, 2024, announcing completion of reinsurance transaction
104*			Cover Page Interactive Data File (embedded within the Inline XBRL document)


BRIGHTHOUSE FINANCIAL, INC.

By:	/s/ Kristine H. Toscano
	Name:	Kristine H. Toscano
	Title:	Chief Accounting Officer


Table of Contents	Financial Results
	1	Key Metrics
	2	GAAP Statements of Operations
	3	GAAP Balance Sheets

	Earnings and Select Metrics from Segments and Corporate & Other
	5	Statements of Adjusted Earnings by Segment and Corporate & Other

	7	Annuities — Statements of Adjusted Earnings
	8	Annuities — Select Operating Metrics
	10	Life — Statements of Adjusted Earnings
	11	Life — Select Operating Metrics
	13	Run-off — Statements of Adjusted Earnings
	14	Run-off — Select Operating Metrics
	15	Corporate & Other — Statements of Adjusted Earnings and Select Operating Metrics

	Other Information
	17	Change in Market Risk Benefits and Net Derivative Gains (Losses)
	18	Notable Items
	19	Variable Annuity Separate Account Returns and Allocations
	20	Summary of Investments
	21	Statutory Statement of Operations Information
	22	Statutory Balance Sheet and Surplus Information

	Appendix
	A-1	Note Regarding Forward-Looking Statements
	A-2	Non-GAAP and Other Financial Disclosures
	A-6	Acronyms
	A-7	Reconciliation of Net Income (Loss) Available to Shareholders to Adjusted Earnings (Loss) and Adjusted Earnings, Less Notable Items, and Reconciliation of Net Income (Loss) Available to Shareholders per Common Share to Adjusted Earnings (Loss) per Common Share and Adjusted Earnings, Less Notable Items per Common Share
	A-8	Reconciliation of Return on Common Equity to Adjusted Return on Common Equity, Excluding AOCI
	A-9	Reconciliation of Total Revenues to Adjusted Revenues and Reconciliation of Total Expenses to Adjusted Expenses
	A-10	Investment Reconciliation Details


	As of or For the Three Months Ended
Financial Results and Metrics (1)	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023
Net income (loss) available to shareholders	$150	$9	$(519)	$(942)	$453
Adjusted earnings (loss) (2)	$767	$346	$(98)	$177	$326
Adjusted earnings, less notable items (2)	$243	$346	$268	$189	$275
Total corporate expenses (3)	$203	$200	$207	$244	$210
Combined total adjusted capital (4)	$5,700	$5,397	$6,030	$6,283	$7,251
Combined risk-based capital ratio (4), (5)	400%-420%	380%-400%	415%-435%	428%	400%-420%

Stockholders' Equity
Brighthouse Financial, Inc.’s stockholders’ equity	$5,525	$4,141	$4,195	$4,943	$4,069
Less: Preferred stock, net	1,699	1,699	1,699	1,699	1,699
Brighthouse Financial, Inc.’s common stockholders’ equity, including AOCI	$3,826	$2,442	$2,496	$3,244	$2,370
Less: AOCI	(4,127)	(5,419)	(5,413)	(5,246)	(7,116)
Brighthouse Financial, Inc.’s common stockholders’ equity, excluding AOCI	$7,953	$7,861	$7,909	$8,490	$9,486

Return on Common Equity (1)
Return on common equity	(45.3)%	(36.3)%	(39.3)%	(36.3)%	(4.9)%
Return on common equity, excluding AOCI	(15.6)%	(11.7)%	(13.6)%	(13.1)%	(1.7)%
Adjusted return on common equity, excluding AOCI	14.3%	8.8%	7.6%	10.5%	14.0%

Earnings Per Common Share, Diluted (1), (6)
Net income (loss) available to shareholders per common share	$2.47	$0.12	$(8.22)	$(14.70)	$6.89
Adjusted earnings (loss) per common share	$12.58	$5.57	$(1.56)	$2.73	$4.97
Adjusted earnings, less notable items per common share	$3.99	$5.57	$4.25	$2.92	$4.18
Weighted average common shares outstanding	60,949,819	62,255,330	63,036,773	64,820,914	65,744,351

Book Value Per Common Share
Book value per common share (1)	$63.94	$39.87	$39.88	$51.08	$36.63
Book value per common share, excluding AOCI (1)	$132.91	$128.36	$126.35	$133.69	$146.61
Ending common shares outstanding	59,838,034	61,243,957	62,595,426	63,503,355	64,703,557

(1) See definitions for Non-GAAP and Other Financial Disclosures in the Appendix beginning on page A-2.
(2) See additional information regarding notable items on page 18.
(3) Includes functional department expenses, public company expenses, certain investment expenses, retirement funding and incentive compensation.
(4) Reflects preliminary statutory results as of or for the three months ended September 30, 2024. See additional information on page 22.
(5) The RBC ratio is reported as a preliminary range for all periods, except those ended December 31.
(6) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or adjusted earnings (loss) per common share as inclusion of such shares would have an anti-dilutive effect.


	For the Three Months Ended					For the Nine Months Ended
Revenues	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023	September 30, 2024	September 30, 2023
Premiums	$180	$181	$202	$226	$194	$563	$602
Universal life and investment-type product policy fees	560	580	436	546	542	1,576	1,749
Net investment income	1,288	1,307	1,254	1,207	1,202	3,849	3,457
Other revenues	143	141	145	135	125	429	348
Revenues before NIGL and NDGL	2,171	2,209	2,037	2,114	2,063	6,417	6,156
Net investment gains (losses)	(60)	(120)	(42)	(33)	(53)	(222)	(213)
Net derivative gains (losses)	(93)	(662)	(1,921)	(681)	(840)	(2,676)	(3,226)
Total revenues	$2,018	$1,427	$74	$1,400	$1,170	$3,519	$2,717

Expenses
Policyholder benefits and claims	$22	$642	$968	$710	$590	$1,632	$1,966
Interest credited to policyholder account balances	556	509	502	525	426	1,567	1,300
Amortization of DAC and VOBA	150	150	151	152	155	451	468
Change in market risk benefits	610	(356)	(1,440)	663	(1,064)	(1,186)	(2,170)
Interest expense on debt	38	38	38	39	38	114	114
Other expenses	454	430	469	485	435	1,353	1,339
Total expenses	1,830	1,413	688	2,574	580	3,931	3,017
Income (loss) before provision for income tax	188	14	(614)	(1,174)	590	(412)	(300)
Provision for income tax expense (benefit)	10	(20)	(123)	(258)	109	(133)	(109)
Net income (loss)	178	34	(491)	(916)	481	(279)	(191)
Less: Net income (loss) attributable to noncontrolling interests	2	—	2	1	2	4	4
Net income (loss) attributable to Brighthouse Financial, Inc.	176	34	(493)	(917)	479	(283)	(195)
Less: Preferred stock dividends	26	25	26	25	26	77	77
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	$150	$9	$(519)	$(942)	$453	$(360)	$(272)


	As of
ASSETS	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023
Investments:
Fixed maturity securities available-for-sale	$83,298	$80,581	$80,474	$80,991	$75,433
Equity securities	87	85	86	102	90
Mortgage loans	22,938	22,641	22,670	22,508	22,682
Policy loans	1,387	1,470	1,651	1,331	1,311
Limited partnerships and limited liability companies	4,870	4,938	4,920	4,946	4,931
Short-term investments	1,812	1,390	1,347	1,169	1,003
Other invested assets	4,462	4,194	4,746	4,409	3,210
Total investments	118,854	115,299	115,894	115,456	108,660
Cash and cash equivalents	5,630	4,441	3,823	3,851	3,839
Accrued investment income	2,083	1,169	1,297	1,183	1,143
Reinsurance recoverables	20,085	19,369	19,570	19,213	18,597
Premiums and other receivables	607	674	664	548	469
DAC and VOBA	4,745	4,791	4,829	4,872	4,919
Current income tax recoverable	28	28	28	27	31
Deferred income tax asset	1,737	2,087	2,063	1,893	2,121
Market risk benefit assets	750	916	839	656	694
Other assets	324	404	349	370	368
Separate account assets	90,313	88,260	90,332	88,271	82,675
Total assets	$245,156	$237,438	$239,688	$236,340	$223,516
LIABILITIES AND EQUITY
Liabilities
Future policy benefits	$32,781	$31,886	$32,245	$32,569	$30,404
Policyholder account balances	87,678	85,865	84,159	81,068	78,371
Market risk benefit liabilities	9,580	8,708	8,964	10,323	8,830
Other policy-related balances	3,853	3,796	3,798	3,836	3,806
Payables for collateral under securities loaned and other transactions	3,764	3,906	3,653	3,670	3,941
Long-term debt	3,155	3,155	3,155	3,156	3,157


Other liabilities	8,442	7,656	9,122	8,439	8,198
Separate account liabilities	90,313	88,260	90,332	88,271	82,675
Total liabilities	239,566	233,232	235,428	231,332	219,382
Equity
Preferred stock, at par value	—	—	—	—	—
Common stock, at par value	1	1	1	1	1
Additional paid-in capital	13,953	13,972	13,989	14,004	14,022
Retained earnings (deficit)	(1,790)	(1,966)	(2,000)	(1,507)	(590)
Treasury stock	(2,512)	(2,447)	(2,382)	(2,309)	(2,248)
Accumulated other comprehensive income (loss)	(4,127)	(5,419)	(5,413)	(5,246)	(7,116)
Total Brighthouse Financial, Inc.’s stockholders’ equity	5,525	4,141	4,195	4,943	4,069
Noncontrolling interests	65	65	65	65	65
Total equity	5,590	4,206	4,260	5,008	4,134
Total liabilities and equity	$245,156	$237,438	$239,688	$236,340	$223,516


	For the Three Months Ended September 30, 2024
Adjusted revenues	Annuities	Life	Run-off	Corporate & Other	Total
Premiums	$62	$117	$1	$—	$180
Universal life and investment-type product policy fees	396	70	94	—	560
Net investment income	729	112	275	178	1,294
Other revenues	127	4	7	5	143
Total adjusted revenues	$1,314	$303	$377	$183	$2,177

Adjusted expenses
Policyholder benefits and claims	$88	$247	$(313)	$—	$22
Interest credited to policyholder account balances	341	26	60	118	545
Amortization of DAC and VOBA	127	23	—	—	150
Interest expense on debt	—	—	—	38	38
Other operating costs	355	39	46	14	454
Total adjusted expenses	911	335	(207)	170	1,209
Adjusted earnings (loss) before provision for income tax	403	(32)	584	13	968
Provision for income tax expense (benefit)	76	(7)	121	(17)	173
Adjusted earnings (loss) after provision for income tax	327	(25)	463	30	795
Less: Net income (loss) attributable to noncontrolling interests	—	—	—	2	2
Less: Preferred stock dividends	—	—	—	26	26
Adjusted earnings (loss)	$327	$(25)	$463	$2	$767

	For the Three Months Ended September 30, 2023
Adjusted revenues	Annuities	Life	Run-off	Corporate & Other	Total
Premiums	$68	$124	$2	$—	$194
Universal life and investment-type product policy fees	380	57	105	—	542
Net investment income	652	115	300	160	1,227
Other revenues	114	3	6	2	125
Total adjusted revenues	$1,214	$299	$413	$162	$2,088

Adjusted expenses
Policyholder benefits and claims	$105	$302	$183	$—	$590
Interest credited to policyholder account balances	246	25	67	103	441
Amortization of DAC and VOBA	129	26	—	—	155
Interest expense on debt	—	—	—	38	38
Other operating costs	341	39	43	12	435
Total adjusted expenses	821	392	293	153	1,659
Adjusted earnings (loss) before provision for income tax	393	(93)	120	9	429
Provision for income tax expense (benefit)	74	(20)	25	(4)	75
Adjusted earnings (loss) after provision for income tax	319	(73)	95	13	354
Less: Net income (loss) attributable to noncontrolling interests	—	—	—	2	2
Less: Preferred stock dividends	—	—	—	26	26
Adjusted earnings (loss)	$319	$(73)	$95	$(15)	$326


	For the Nine Months Ended September 30, 2024
Adjusted revenues	Annuities	Life	Run-off	Corporate & Other	Total
Premiums	$208	$354	$1	$—	$563
Universal life and investment-type product policy fees	1,231	112	233	—	1,576
Net investment income	2,107	340	906	524	3,877
Other revenues	386	11	22	10	429
Total adjusted revenues	$3,932	$817	$1,162	$534	$6,445

Adjusted expenses
Policyholder benefits and claims	$342	$552	$738	$—	$1,632
Interest credited to policyholder account balances	972	76	182	336	1,566
Amortization of DAC and VOBA	380	71	—	—	451
Interest expense on debt	—	—	—	114	114
Other operating costs	1,040	144	127	42	1,353
Total adjusted expenses	2,734	843	1,047	492	5,116
Adjusted earnings (loss) before provision for income tax	1,198	(26)	115	42	1,329
Provision for income tax expense (benefit)	226	(7)	23	(9)	233
Adjusted earnings (loss) after provision for income tax	972	(19)	92	51	1,096
Less: Net income (loss) attributable to noncontrolling interests	—	—	—	4	4
Less: Preferred stock dividends	—	—	—	77	77
Adjusted earnings (loss)	$972	$(19)	$92	$(30)	$1,015

	For the Nine Months Ended September 30, 2023
Adjusted revenues	Annuities	Life	Run-off	Corporate & Other	Total
Premiums	$218	$381	$3	$—	$602
Universal life and investment-type product policy fees	1,209	192	348	—	1,749
Net investment income	1,879	334	870	460	3,543
Other revenues	324	8	20	(4)	348
Total adjusted revenues	$3,630	$915	$1,241	$456	$6,242

Adjusted expenses
Policyholder benefits and claims	$319	$697	$950	$—	$1,966
Interest credited to policyholder account balances	753	69	203	284	1,309
Amortization of DAC and VOBA	388	80	—	—	468
Interest expense on debt	—	—	—	114	114
Other operating costs	1,033	144	123	39	1,339
Total adjusted expenses	2,493	990	1,276	437	5,196
Adjusted earnings (loss) before provision for income tax	1,137	(75)	(35)	19	1,046
Provision for income tax expense (benefit)	213	(18)	(8)	(14)	173
Adjusted earnings (loss) after provision for income tax	924	(57)	(27)	33	873
Less: Net income (loss) attributable to noncontrolling interests	—	—	—	4	4
Less: Preferred stock dividends	—	—	—	77	77
Adjusted earnings (loss)	$924	$(57)	$(27)	$(48)	$792


	For the Three Months Ended
VARIABLE AND SHIELD LEVEL ANNUITIES ACCOUNT VALUE (1)	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023
Account value, beginning of period	$124,488	$125,072	$120,720	$112,761	$117,975
Premiums and deposits (2)	2,098	2,254	2,084	2,003	2,077
Withdrawals, surrenders and contract benefits	(4,078)	(3,870)	(3,839)	(3,456)	(3,129)
Net flows (3)	(1,980)	(1,616)	(1,755)	(1,453)	(1,052)
Investment performance (4)	6,318	1,598	6,624	9,945	(3,604)
Policy charges and other	(592)	(566)	(517)	(533)	(558)
Account value, end of period	$128,234	$124,488	$125,072	$120,720	$112,761

FIXED ANNUITIES ACCOUNT VALUE (5)
Account value, beginning of period	$19,600	$19,655	$19,270	$19,386	$19,520
Premiums and deposits (2)	482	210	828	757	562
Withdrawals, surrenders and contract benefits	(425)	(447)	(594)	(1,033)	(775)
Net flows (3)	57	(237)	234	(276)	(213)
Interest credited	152	168	160	156	148
Other	31	14	(9)	4	(69)
Account value, end of period	$19,840	$19,600	$19,655	$19,270	$19,386

INSTITUTIONAL GROUP ANNUITIES ACCOUNT VALUE (1)
Institutional group annuities account value (6)	$363	$343	$—	$—	$—

INCOME ANNUITIES (1)
Income annuity insurance liabilities	$4,654	$4,436	$4,450	$4,458	$4,139

(1) Includes general account and separate account.
(2) Includes premiums and deposits directed to the general account investment option of variable products.
(3) Deposits and withdrawals include policy exchanges.
(4) Includes the interest credited on the general account option of variable products.
(5) Includes fixed index annuities.
(6) Reflects institutional group annuities issued beginning in April 2024.


	For the Three Months Ended					For the Nine Months Ended
VARIABLE AND SHIELD LEVEL ANNUITY SALES	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023	September 30, 2024	September 30, 2023
Shield Level Annuities (1)	$1,894	$2,023	$1,861	$1,823	$1,865	$5,778	$5,034
GMWB	79	91	87	87	89	257	315
GMDB only	54	62	64	43	58	180	177
GMIB	4	7	5	6	6	16	18
Total variable and Shield Level annuity sales	$2,031	$2,183	$2,017	$1,959	$2,018	$6,231	$5,544

FIXED AND INCOME ANNUITY SALES
Fixed index annuities (2)	$141	$160	$191	$45	$58	$492	$278
Fixed deferred annuities	339	48	637	708	502	1,024	1,976
Single premium immediate annuities	10	10	12	16	15	32	52
Other fixed and income annuities	7	7	16	12	7	30	22
Total fixed and income annuity sales	$497	$225	$856	$781	$582	$1,578	$2,328

(1) Shield Level Annuities refers to our suite of structured annuities consisting of products marketed under various names.
(2) Represents 100% of gross sales on directly written business and the proportion of assumed gross sales under reinsurance agreements.


	For the Three Months Ended
LIFE ACCOUNT VALUE: GENERAL ACCOUNT	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023
Universal and variable universal life account value, beginning of period	$2,566	$2,561	$2,550	$2,545	$2,559
Premiums and deposits (1)	60	60	61	60	57
Withdrawals, surrenders and contract benefits	(30)	(39)	(36)	(39)	(60)
Net flows	30	21	25	21	(3)
Net transfers from (to) separate account	9	12	16	7	20
Interest credited	23	21	22	29	25
Policy charges and other	(49)	(49)	(52)	(52)	(56)
Universal and variable universal life account value, end of period	$2,579	$2,566	$2,561	$2,550	$2,545

LIFE ACCOUNT VALUE: SEPARATE ACCOUNT
Variable universal life account value, beginning of period	$6,231	$6,259	$5,921	$5,403	$5,706
Premiums and deposits	37	38	39	40	40
Withdrawals, surrenders and contract benefits	(69)	(65)	(78)	(59)	(66)
Net flows	(32)	(27)	(39)	(19)	(26)
Investment performance	376	66	444	601	(214)
Net transfers from (to) general account	(8)	(13)	(16)	(7)	(20)
Policy charges and other	(56)	(54)	(51)	(57)	(43)
Variable universal life account value, end of period	$6,511	$6,231	$6,259	$5,921	$5,403

(1) Includes premiums and deposits directed to the general account investment option of variable products.


	As of
LIFE INSURANCE IN-FORCE	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023
Whole Life
Life Insurance in-force, before reinsurance	$16,995	$17,192	$17,368	$17,561	$17,704
Life Insurance in-force, net of reinsurance	$2,903	$2,915	$2,936	$2,962	$2,979

Term Life
Life Insurance in-force, before reinsurance	$342,341	$346,510	$349,700	$351,824	$354,489
Life Insurance in-force, net of reinsurance	$280,706	$283,452	$284,862	$285,366	$286,440

Universal and Variable Universal Life
Life Insurance in-force, before reinsurance	$43,179	$43,322	$43,818	$44,087	$44,202
Life Insurance in-force, net of reinsurance	$33,084	$33,029	$33,391	$33,482	$33,373


	For the Three Months Ended					For the Nine Months Ended
NET DERIVATIVE GAINS (LOSSES)	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023	September 30, 2024	September 30, 2023
Net derivative gains (losses):
Variable annuity hedges	$835	$137	$67	$1,263	$(1,186)	$1,039	$(894)
Shield embedded derivatives	(976)	(697)	(1,817)	(2,136)	773	(3,490)	(1,993)
ULSG hedges	113	(97)	(212)	246	(500)	(196)	(443)
Other hedges and embedded derivatives	(71)	(14)	28	(73)	48	(57)	18
Subtotal	(99)	(671)	(1,934)	(700)	(865)	(2,704)	(3,312)
Investment hedge adjustments	6	9	13	19	25	28	86
Total net derivative gains (losses)	$(93)	$(662)	$(1,921)	$(681)	$(840)	$(2,676)	$(3,226)


	For the Three Months Ended
UNIVERSAL LIFE WITH SECONDARY GUARANTEES ACCOUNT VALUE	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023
Account value, beginning of period	$4,914	$4,984	$5,052	$5,125	$5,188
Premiums and deposits (1)	158	166	162	160	162
Withdrawals, surrenders and contract benefits	(19)	(27)	(22)	(24)	(18)
Net flows	139	139	140	136	144
Interest credited	41	41	42	43	44
Policy charges and other	(246)	(250)	(250)	(252)	(251)
Account value, end of period	$4,848	$4,914	$4,984	$5,052	$5,125


	For the Three Months Ended					For the Nine Months Ended
NOTABLE ITEMS IMPACTING ADJUSTED EARNINGS	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023	September 30, 2024	September 30, 2023
Actuarial items and other insurance adjustments	$(524)	$—	$366	$—	$(51)	$(158)	$(51)



Legal matters	—	—	—	12	—	—	—
Total notable items (1)	$(524)	$—	$366	$12	$(51)	$(158)	$(51)

NOTABLE ITEMS BY SEGMENT AND CORPORATE & OTHER
Annuities	$(20)	$—	$—	$—	$(28)	$(20)	$(28)
Life	66	—	73	—	71	139	71
Run-off	(570)	—	293	—	(94)	(277)	(94)
Corporate & Other	—	—	—	12	—	—	—
Total notable items (1)	$(524)	$—	$366	$12	$(51)	$(158)	$(51)

(1) See definitions for Non-GAAP and Other Financial Disclosures in the Appendix beginning on page A-2.


	September 30, 2024		December 31, 2023
	Amount	% of Total	Amount	% of Total
Fixed maturity securities:
U.S. corporate securities	$38,060	30.57%	$35,755	29.97%
Foreign corporate securities	12,399	9.96%	11,665	9.78%
U.S. government and agency securities	7,569	6.08%	8,419	7.06%
Residential mortgage-backed securities	7,943	6.38%	7,430	6.23%
Commercial mortgage-backed securities	6,493	5.22%	6,410	5.37%
Asset-backed securities	6,272	5.04%	6,406	5.37%
State and political subdivision securities	3,541	2.84%	3,874	3.25%
Foreign government securities	1,021	0.82%	1,032	0.85%
Total fixed maturity securities	83,298	66.91%	80,991	67.88%
Equity securities	87	0.07%	102	0.09%
Mortgage loans:
Commercial mortgage loans	13,255	10.65%	13,193	11.06%
Residential mortgage loans	5,329	4.28%	5,007	4.20%
Agricultural mortgage loans	4,521	3.63%	4,445	3.73%
Allowance for credit losses	(167)	(0.13)%	(137)	(0.12)%
Total mortgage loans, net	22,938	18.43%	22,508	18.87%
Policy loans	1,387	1.11%	1,331	1.12%
Limited partnerships and limited liability companies	4,870	3.91%	4,946	4.14%
Cash, cash equivalents and short-term investments	7,442	5.98%	5,020	4.21%
Other invested assets:
Derivatives:
Interest rate	272	0.22%	245	0.20%
Equity market	2,746	2.21%	2,993	2.51%
Foreign currency exchange rate	412	0.33%	449	0.38%
Credit	20	0.02%	27	0.02%
Total derivatives	3,450	2.78%	3,714	3.11%
ICOLI	661	0.53%	340	0.28%
FHLB common stock	242	0.19%	245	0.21%
Other	109	0.09%	110	0.09%
Total other invested assets	4,462	3.59%	4,409	3.69%
Total investments and cash and cash equivalents	$124,484	100.00%	$119,307	100.00%


	For the Three Months Ended					For the Nine Months Ended
COMBINED REVENUES AND EXPENSES (1)	PRELIMINARY September 30, 2024 (2)	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023	PRELIMINARY September 30, 2024 (2)	September 30, 2023
Total revenues (Line 9)	$2,800	$3,656	$2,229	$6,103	$4,571	$8,685	$9,293
Total benefits and expenses before dividends to policyholders (Line 28)	$3,200	$4,027	$2,675	$8,337	$3,474	$9,902	$9,000

COMBINED NET INCOME (LOSS) (1)
Gain (loss) from operations net of taxes and dividends to policyholders (Line 33)	$(500)	$(373)	$(441)	$(2,217)	$1,096	$(1,314)	$296
Net realized capital gains (losses), net of taxes and certain transfers to interest maintenance reserve (Line 34)	200	(588)	423	427	(233)	35	(1,057)
Net income (loss) (Line 35)	$(300)	$(961)	$(18)	$(1,790)	$863	$(1,279)	$(761)

						For the Nine Months Ended
NORMALIZED STATUTORY EARNINGS (LOSS) (3), (4)						PRELIMINARY September 30, 2024 (2)	September 30, 2023
						(In billions)
Statutory net gain (loss) from operations, pre-tax (5)						$(1.3)	$0.5
Add: net realized capital gains (losses)						0.1	(1.4)
Add: change in total asset requirement at CTE98, net of the change in VA reserves (5)						(1.6)	0.3
Add: unrealized gains (losses) on VA & Shield hedging program and other equity risk management strategies						0.6	0.2
Add: impact of actuarial items and other insurance adjustments (5)						1.1	0.2

Normalized statutory earnings (loss)						$(1.1)	$(0.2)

(1) Combined statutory results are for Brighthouse Life Insurance Company, Brighthouse Life Insurance Company of NY and New England Life Insurance Company.
(2) Reflects preliminary statutory results for the three months and nine months ended September 30, 2024.
(3) See definitions for Non-GAAP and Other Financial Disclosures in the Appendix beginning on page A-2.
(4) Normalized statutory earnings (loss), presented in billions, is for Brighthouse Life Insurance Company and New England Life Insurance Company.
(5) As a result of actions to hedge Shield new business on a stand-alone basis and related actions to develop a separate hedging strategy for the legacy VA and Shield blocks, CTE70 decreased ~$630 million and total asset requirement at CTE98 increased ~$1.0 billion for the nine months ended September 30, 2024. The ~$1.0 billion impact to CTE98 is reflected in ‘impact of actuarial items and other insurance adjustments’ to normalize the effect of these actions.


	As of
COMBINED ASSETS, LIABILITIES, AND CAPITAL AND SURPLUS (1)	PRELIMINARY September 30, 2024 (2)	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023
Total assets (Line 28)	$202,600	$198,413	$199,778	$197,335	$188,472
Total liabilities (Line 28)	$198,400	$194,539	$195,275	$192,572	$182,758
Total capital and surplus (Line 38)	$4,200	$3,874	$4,503	$4,763	$5,714

COMBINED TAC AND RBC RATIO (1), (3)
Combined total adjusted capital	$5,700	$5,397	$6,030	$6,283	$7,251
Combined risk-based capital ratio (4)	400%-420%	380%-400%	415%-435%	428%	400%-420%

DIVIDENDS PAID TO HOLDING COMPANY (1), (3)
Total dividends paid	$—	$—	$—	$350	$—

(1) Combined statutory results are for Brighthouse Life Insurance Company and New England Life Insurance Company.
(2) Reflects preliminary statutory results as of September 30, 2024.
(3) See definitions for Non-GAAP and Other Financial Disclosures in the Appendix beginning on page A-2.
(4) The RBC ratio is reported as a preliminary range for all periods, except those ended December 31.


AOCI			Accumulated other comprehensive income (loss)
CTE			Conditional tail expectations
DAC			Deferred policy acquisition costs
FHLB			Federal Home Loan Bank
GAAP			Accounting principles generally accepted in the United States of America
GMDB			Guaranteed minimum death benefits
GMIB			Guaranteed minimum income benefits
GMWB			Guaranteed minimum withdrawal benefits
ICOLI			Insurance company-owned life insurance
NDGL			Net derivative gains (losses)
NIGL			Net investment gains (losses)
RBC			Risk-based capital
TAC			Total adjusted capital
ULSG			Universal life insurance with secondary guarantees
VA			Variable annuity
VOBA			Value of business acquired


	For the Three Months Ended					For the Nine Months Ended
ADJUSTED EARNINGS, LESS NOTABLE ITEMS (1)	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023	September 30, 2024	September 30, 2023
Net income (loss) available to shareholders	$150	$9	$(519)	$(942)	$453	$(360)	$(272)
Less: Net investment gains (losses)	(60)	(120)	(42)	(33)	(53)	(222)	(213)
Less: Net derivative gains (losses), excluding investment hedge adjustments	(99)	(671)	(1,934)	(700)	(865)	(2,704)	(3,312)
Less: Change in market risk benefits	(610)	356	1,440	(663)	1,064	1,186	2,170
Less: Market value adjustments	(11)	6	4	(21)	15	(1)	9
Less: Provision for income tax (expense) benefit on reconciling adjustments	163	92	111	298	(34)	366	282
Adjusted earnings (loss)	767	346	(98)	177	326	1,015	792
Less: Notable items	524	—	(366)	(12)	51	158	51
Adjusted earnings, less notable items	$243	$346	$268	$189	$275	$857	$741

ADJUSTED EARNINGS, LESS NOTABLE ITEMS PER COMMON SHARE (1), (2)
Net income (loss) available to shareholders per common share	$2.47	$0.12	$(8.22)	$(14.70)	$6.89	$(5.82)	$(4.08)
Less: Net investment gains (losses)	(0.98)	(1.93)	(0.67)	(0.51)	(0.81)	(3.59)	(3.20)
Less: Net derivative gains (losses), excluding investment hedge adjustments	(1.62)	(10.78)	(30.68)	(10.92)	(13.16)	(43.71)	(49.69)
Less: Change in market risk benefits	(10.01)	5.72	22.84	(10.34)	16.18	19.17	32.55
Less: Market value adjustments	(0.18)	0.10	0.06	(0.33)	0.23	(0.02)	0.14
Less: Provision for income tax (expense) benefit on reconciling adjustments	2.67	1.48	1.76	4.65	(0.52)	5.92	4.23
Less: Impact of inclusion of dilutive shares	—	—	—	0.03	—	0.09	0.07
Adjusted earnings (loss) per common share	12.58	5.57	(1.56)	2.73	4.97	16.32	11.82
Less: Notable items	8.60	—	(5.81)	(0.19)	0.78	2.54	0.76
Adjusted earnings, less notable items per common share	$3.99	$5.57	$4.25	$2.92	$4.18	$13.78	$11.06

(1) See definitions for Non-GAAP and Other Financial Disclosures in this Appendix.
(2) Per share calculations are on a diluted basis and may not recalculate or foot due to rounding. For loss periods, dilutive shares were not included in the calculation as inclusion of such shares would have an anti-dilutive effect.


	Four Quarters Cumulative Trailing Basis
ADJUSTED EARNINGS	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023
Net income (loss) available to shareholders	$(1,302)	$(999)	$(1,208)	$(1,214)	$(162)
Less: Net investment gains (losses)	(255)	(248)	(192)	(246)	(282)
Less: Net derivative gains (losses), excluding investment hedge adjustments	(3,404)	(4,170)	(5,333)	(4,012)	(5,268)
Less: Change in market risk benefits	523	2,197	3,141	1,507	3,649
Less: Market value adjustments	(22)	4	—	(12)	6
Less: Provision for income tax (expense) benefit on reconciling adjustments	664	467	500	580	396
Adjusted earnings	$1,192	$751	$676	$969	$1,337
	Five Quarters Average Stockholders' Equity Basis
BRIGHTHOUSE FINANCIAL, INC.’S COMMON STOCKHOLDERS’ EQUITY, EXCLUDING AOCI	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023
Brighthouse Financial, Inc.’s stockholders’ equity	$4,575	$4,451	$4,774	$5,041	$4,973
Less: Preferred stock, net	1,699	1,699	1,699	1,699	1,699
Brighthouse Financial, Inc.’s common stockholders’ equity	2,876	2,752	3,075	3,342	3,274
Less: AOCI	(5,464)	(5,815)	(5,789)	(5,927)	(6,281)
Brighthouse Financial, Inc.’s common stockholders’ equity, excluding AOCI	$8,340	$8,567	$8,864	$9,269	$9,555
	Five Quarters Average Common Stockholders' Equity Basis
ADJUSTED RETURN ON COMMON EQUITY, EXCLUDING AOCI	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023
Return on common equity	(45.3)%	(36.3)%	(39.3)%	(36.3)%	(4.9)%
Return on AOCI	23.8%	17.2%	20.9%	20.5%	2.6%
Return on common equity, excluding AOCI	(15.6)%	(11.7)%	(13.6)%	(13.1)%	(1.7)%
Less: Return on net investment gains (losses)	(3.1)%	(2.9)%	(2.2)%	(2.7)%	(3.0)%
Less: Return on net derivative gains (losses), excluding investment hedge adjustments	(40.8)%	(48.7)%	(60.2)%	(43.3)%	(55.1)%
Less: Return on change in market risk benefits	6.3%	25.6%	35.5%	16.3%	38.2%
Less: Return on market value adjustments	(0.3)%	—%	—%	(0.1)%	0.1%
Less: Return on provision for income tax (expense) benefit on reconciling adjustments	8.0%	5.5%	5.7%	6.2%	4.1%
Adjusted return on common equity, excluding AOCI	14.3%	8.8%	7.6%	10.5%	14.0%


	For the Three Months Ended
ADJUSTED NET INVESTMENT INCOME YIELD (1)	September 30, 2024	June 30, 2024	March 31, 2024	December 31, 2023	September 30, 2023
Investment income yield	4.40%	4.52%	4.39%	4.29%	4.34%
Investment fees and expenses	(0.14)%	(0.13)%	(0.14)%	(0.13)%	(0.14)%
Adjusted net investment income yield	4.26%	4.39%	4.25%	4.16%	4.20%

(1) See definitions for Non-GAAP and Other Financial Disclosures in this Appendix.


PUBLIC RELATIONS Brighthouse Financial, Inc. 11225 N. Community House Rd. Charlotte, NC 28277


FOR INVESTORS Dana Amante (980) 949-3073 damante@brighthousefinancial.com			FOR MEDIA Deon Roberts (980) 949-3071 deon.roberts@brighthousefinancial.com