Brighthouse Financial, Inc.

Listed Company

BHFAPCIK 0001685040NasdaqLarge AcceleratedLife InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$6.77B

Net Income

$433.00M

Total Assets

$241.80B

Equity

$6.77B

Shares Out

57.18M

Op. Cash Flow

$259.00M

Business

Brighthouse Financial, Inc. is a provider of annuity and life insurance products in the United States. It offers a range of annuities (variable, fixed, index-linked and income annuities), life insurance (term, universal, whole and variable life) and related riders and services such as guaranteed death and living benefits, investment management and reinsurance arrangements. The company operates through reportable segments: Annuities; Life; Run-off; and Corporate & Other, and conducts affiliated and unaffiliated reinsurance activity. Its products are distributed through multiple independent channels including broker-dealers, banks, financial advisors, independent marketing organizations and online marketplaces across the U.S.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Premiums	695	770	828	662	707
Universal life and investment-type product policy fees	2,161	2,116	2,295	2,435	2,980
Net investment income	5,244	5,222	4,664	4,138	4,881
Other revenues	555	579	483	478	450
Net investment gains (losses)	−97	−295	−246	−248	−59
Net derivative gains (losses)	−1,792	−3,668	−3,907	−592	−3,983
Total revenues	6,766	4,724	4,117	6,873	4,976
Policyholder benefits and claims (including liability remeasurement gains (losses) of ($273), ($978), ($234), respectively)	1,805	2,294	2,676	2,193	2,746
Interest credited to policyholder account balances	2,188	2,136	1,825	1,338	1,269
Amortization of deferred policy acquisition costs and value of business acquired	609	599	620	629	637
Change in market risk benefits	−268	−2,673	−1,507	−4,104	−4,134
Other expenses	1,958	1,946	1,977	2,085	2,449
Total expenses	6,292	4,302	5,591	2,141	2,967
Income (loss) before provision for income tax	474	422	−1,474	4,732	2,009
Provision for income tax expense (benefit)	36	29	−367	848	361
Net income (loss)	438	393	−1,107	3,884	1,648
Net income (loss) attributable to noncontrolling interests	5	5	5	5	5
Net income (loss) attributable to Brighthouse Financial, Inc.	433	388	−1,112	3,879	1,643
Preferred stock dividends	102	102	102	104	89
Net income (loss) available to Brighthouse Financial, Inc.s common shareholders	331	286	−1,214	3,775	1,554
Basic	5.75	4.67	−18.39	51.73	18.54
Diluted	5.71	4.64	−18.39	51.3	18.39

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $87,046 and $87,603, respectively; allowance for credit losses of $64 and $81, respectively)	82,014	80,055	80,991	75,577	87,582
Trading securities, at estimated fair value	506	0	—	—	—
Equity securities, at estimated fair value	79	77	102	89	101
Mortgage loans (net of allowance for credit losses of $200 and $178, respectively)	22,755	23,286	22,508	22,936	19,850
Policy loans	1,450	2,024	1,331	1,282	1,264
Limited partnerships and limited liability companies	4,696	4,827	4,946	4,775	4,271
Short-term investments, principally at estimated fair value	1,197	1,868	—	—	—
Other invested assets, principally at estimated fair value (net of allowance for credit losses of $0 and $0, respectively)	7,932	5,250	4,409	2,852	3,316
Total investments	120,629	117,387	115,456	108,592	118,225
Cash and cash equivalents	5,387	5,045	3,851	4,115	4,474
Accrued investment income	1,260	1,277	1,183	885	724
Premiums, reinsurance and other receivables (net of allowance for credit losses of $3 and $3, respectively)	21,579	21,126	19,761	18,548	16,094
Deferred policy acquisition costs and value of business acquired	4,567	4,710	4,872	5,084	5,377
Current income tax recoverable	16	19	27	38	0
Deferred income tax asset	1,442	1,875	1,893	1,736	0
Market risk benefit assets	1,060	1,092	656	483	—
Other assets	332	370	370	401	482
Separate account assets	85,528	85,636	88,271	84,965	114,464
Total assets	241,800	238,537	236,340	224,847	262,257
Future policy benefits	32,025	31,475	32,569	31,497	39,990
Policyholder account balances	87,952	87,989	81,068	73,527	65,249
Market risk benefit liabilities	8,063	8,329	10,323	10,389	16,034
Other policy-related balances	3,893	3,878	3,836	4,098	3,457
Payables for collateral under securities loaned and other transactions	4,705	3,891	3,670	4,560	6,269
Long-term debt	3,155	3,155	3,156	3,156	3,157
Other liabilities	9,646	9,160	8,439	7,057	4,504
Separate account liabilities	85,528	85,636	88,271	84,965	114,464
Total liabilities	234,967	233,513	231,332	219,249	253,807
Contingencies, Commitments and Guarantees (Note 17)	—	—	—	—	—
Preferred stock, par value $0.01 per share; $1,753 aggregate liquidation preference	0	0	0	0	0
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 124,081,967 and 123,480,326 shares issued, respectively; 57,171,217 and 58,629,049 shares outstanding, respectively	1	1	1	1	1
Additional paid-in capital	13,870	13,927	14,004	14,075	14,154
Retained earnings (deficit)	−686	−1,119	−1,507	−395	−4,274
Treasury stock, at cost; 66,910,750 and 64,851,277 shares, respectively	−2,688	−2,572	−2,309	−2,042	−1,543
Accumulated other comprehensive income (loss)	−3,729	−5,278	−5,246	−6,106	47
Total Brighthouse Financial, Inc.s stockholders equity	6,768	4,959	4,943	5,533	16,142
Noncontrolling interests	65	65	65	65	65
Total equity	6,833	5,024	5,008	5,598	8,450
Total liabilities and equity	241,800	238,537	236,340	224,847	262,257

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of premiums and accretion of discounts associated with investments, net	−320	−330	−282	−233	−254
(Gains) losses on investments, net	51	264	232	248	59
(Gains) losses on derivatives, net	−1,357	1,436	2,620	169	3,080
(Income) loss from equity method investments, net of dividends and distributions	−24	41	83	110	−987
Change in market risk benefits, net	209	−2,073	−875	−3,335	−3,271
Change in accrued investment income	142	−113	−215	−113	−44
Change in premiums, reinsurance and other receivables	−400	−1,451	−1,280	−1,374	495
Change in deferred policy acquisition costs and value of business acquired, net	143	162	211	205	142
Change in income tax	33	30	−371	796	255
Change in other assets	1,143	1,180	1,132	1,264	1,612
Change in future policy benefits and other policy-related balances	−295	−281	51	−1,960	−338
Change in other liabilities	420	402	95	176	−153
Other, net	49	30	39	32	108
Net cash provided by (used in) operating activities	259	−290	−137	−1,228	641
Sales, maturities and repayments of fixed maturity securities	12,722	11,721	6,028	10,728	12,616
Sales, maturities and repayments of trading securities	44	0	0	—	—
Sales, maturities and repayments of equity securities	39	46	33	53	129
Sales, maturities and repayments of mortgage loans	2,544	1,523	1,232	2,079	2,900
Sales, maturities and repayments of limited partnerships and limited liability companies	570	337	205	252	271
Purchases of fixed maturity securities	−12,355	−11,998	−8,866	−15,799	−21,158
Purchases of trading securities	−199	0	0	—	—
Purchases of equity securities	−21	−7	−14	−37	−18
Purchases of mortgage loans	−2,163	−2,377	−813	−5,321	−6,913
Purchases of limited partnerships and limited liability companies	−278	−299	−453	−814	−837
Cash received in connection with freestanding derivatives	16,810	12,468	5,079	4,480	3,965
Cash paid in connection with freestanding derivatives	−18,263	−11,865	−5,428	−4,275	−4,592
Net change in policy loans	574	−692	−49	−18	27
Net change in short-term investments	712	−675	−38	772	1,397
Net change in other invested assets	15	−372	−112	−376	−25
Other, net	0	−4	0	0	—
Net cash provided by (used in) investing activities	751	−2,194	−3,196	−8,276	−12,238
Policyholder account balances: Deposits	20,187	30,410	21,989	31,693	16,118
Policyholder account balances: Withdrawals	−21,003	−26,378	−17,747	−20,043	−4,189
Net change in payables for collateral under securities loaned and other transactions	814	221	−890	−1,709	1,017
Long-term debt repaid	−2	−2	−2	−3	−680
Dividends on preferred stock	−102	−102	−102	−104	−89
Treasury stock acquired in connection with share repurchases	−102	−250	−250	−488	−499
Financing element on certain derivative instruments and other derivative related transactions, net	−443	−204	90	−185	−368
Other, net	−17	−17	−19	−16	−86
Net cash provided by (used in) financing activities	−668	3,678	3,069	9,145	11,963
Change in cash, cash equivalents and restricted cash	342	1,194	−264	−359	366
Net cash paid (received) for interest	151	151	151	152	160
Net cash paid (received) for income tax	12	13	7	44	103
Transfer of mortgage loans to affiliates	43	0	0	95	0
Transfer of limited partnerships and limited liability companies from affiliates	43	0	0	99	0

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