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Brighthouse Financial, Inc. (BHF) has been favored by investors on the back of higher annuity sales, conservative investment strategy, asset growth, higher interest rates, a well-diversified and high-quality portfolio and sufficient liquidity.Growth ProjectionsThe Zacks Consensus Estimate for Brighthouse Financial’s 2024 earnings is pegged at $17.41 per share, indicating a 12.4% increase from the year-ago reported figure on 3.1% higher revenues of $8.63 billion.Earnings Surprise HistoryThe life insurer has ...

ArLawKa AungTun Shares of Brighthouse Financial (NASDAQ:BHF) have been a meaningful underperformer this year, as its capital performance and business complexity have led its discounted valuation to persist. Since I recommended purchasing them in October, Brighthouse shares have risen by over 8%, though this has lagged the S&P 500’s 11+% gain. While not a bad return, this underperformance is likely partly driven by concerns about its capital performance in Q3. However, I expect the company to report stro ...

Brighthouse Financial, Inc. (NASDAQ:BHF) Q3 2023 Earnings Conference Call November 8, 2023 8:00 AM ET Company Participants Dana Amante - Head of IR Eric T. Steigerwalt - President and CEO Edward Spehar - EVP and CFO John L. Rosenthal - EVP and CIO David Rosenbaum - Head of Products and Underwriting Myles J. Lambert - EVP and CDMO Conference Call Participants Alex Scott - Goldman Sachs Tracy Benguigui - Barclays Ryan Krueger - Keefe, Bruyette, & Woods, Inc. Elyse Greenspan - Wells Fargo Tom Gallagher - Everc ...

Brighthouse Financial, Inc. Third Quarter 2023 Earnings Call Presentation Note regarding forward-looking statements This presentation and other oral or written statements that we make from time to time may contain information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks and uncertainties. We have tried, wherever possible, to identify such statements using words s ...

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued) Table of Contents (4) Interest and dividend accruals, as well as cash interest coupons and dividends received, are excluded from the rollforward. September 30, 2023 Brighthouse Financial, Inc. 9. Long-term Debt Preferred Stock Table of Contents The per share and aggregate dividends declared for BHF's preferred stock by series were as follows: During the nine months ended September 30, 2023 and 2022, BHF repurchased 3,96 ...

Financial Data and Key Metrics - The company's estimated combined risk-based capital (RBC) ratio was between 430% and 450%, down from 460% to 480% at March 31, primarily driven by the annuity business, particularly the variable annuity book impacted by basis risk and market volatility [8] - Adjusted earnings for the annuity segment were $291 million in the quarter, driven by higher reserves and expenses, partially offset by higher fees and net investment income [9] - The life insurance segment reported adjusted earnings of $15 million, with higher net investment income being the primary driver [9] - The holding company's cash position was $900 million as of June 30, down from $1.1 billion at March 31, due to timing of interest expenses, subsidiary dividends, and share repurchases [35] Business Line Performance - Annuity sales, particularly Shield annuities, totaled $3.2 billion year-to-date, a 5% increase compared to the first half of 2022 [78] - Fixed deferred annuity sales reached $1.5 billion in the first half of 2023, reflecting the complementary nature of the annuity product portfolio [78] - Life insurance sales increased by 23% in the first half of 2023 compared to the same period in 2022, driven by the launch of new products like SmartGuard Plus [6][89] Market and Competitive Dynamics - The company launched SmartGuard Plus, a registered index-linked universal life insurance product, in July 2023, offering guaranteed distribution payments and a death benefit [6] - The company is working on a new fixed indexed annuity product, expected to launch later in 2023, targeting a broader market with sales of $80 billion in 2022 and $50 billion year-to-date in 2023 [44][116] - The competitive landscape for buffer annuities has expanded, with 19 carriers in the market and more expected to enter, driving product enhancements and increased competition [130] Strategic Direction and Industry Competition - The company is focused on shifting its business mix toward higher cash flow, lower-risk products, with Shield and fixed annuities now representing 40% of total annuity account value, up from 25% in 2016 [61][79] - The company plans to optimize capital through a reinsurance agreement between Brighthouse Life Insurance Company (BLIC) and its New York affiliate, expected to reverse $200 million of the second-quarter decline in total adjusted capital (TAC) [91] - The company is enhancing its Shield product offerings, including the launch of Shield Level Pay Plus in August 2022, which has been well-received in the market [48][109] Management Commentary on Operating Environment and Outlook - Management expects continued growth in Shield annuity sales in the second half of 2023, driven by product enhancements and a competitive market environment [120] - The company remains focused on maintaining a robust capital position, with an RBC ratio at the upper end of its target range (400% to 450%) and a strong liquidity position [90] - Management highlighted the importance of managing basis risk and optimizing hedging strategies, particularly in the variable annuity business, to protect the statutory balance sheet [31][38] Other Key Information - The company repurchased $152 million of common stock year-to-date through August 4, 2023, as part of its active and opportunistic share repurchase program [117] - The company plans to release updated long-term free cash flow projections in September 2023, providing further clarity on its capital generation and distribution strategy [81] Q&A Session Summary Question: Shield Sales and Competitive Conditions - Management expects Shield sales to remain strong in the second half of 2023, with no significant changes in the competitive environment [12][36] Question: Dividend Timing and Share Repurchases - The company reaffirmed its expectation to take a $300 million dividend from BLIC in the second half of 2023, with no specific timing provided [16][118] - Share repurchases are not directly linked to the timing of subsidiary dividends [83] Question: Normalized Statutory Earnings - Management noted that normalized statutory earnings can vary by hundreds of millions of dollars quarterly due to equity and interest rate movements, making it difficult to predict a run rate [39] Question: Basis Risk and Hedging Performance - Basis risk was a significant driver of the $200 million normalized statutory loss in the quarter, primarily related to the variable annuity book [41] - The company manages its hedging strategy to protect the statutory balance sheet, with net income expected to remain volatile [31] Question: Office Exposure Reduction - The company has reduced its office exposure to 24% of the portfolio and expects further reductions as the portfolio rolls off, with no specific target level [26][45] Question: Reinsurance Transaction Impact - The internal reinsurance transaction is expected to reverse $200 million of the second-quarter decline in TAC, with no additional impacts anticipated [108] Question: Fixed Indexed Annuity Product Launch - The company is developing a new fixed indexed annuity product, targeting a handful of distribution partners for its initial launch later in 2023 [44][116] Question: Competitive Dynamics in Buffer Annuities - The buffer annuity market is highly competitive, with 19 carriers and more expected to enter, driving product enhancements and increased competition [130]

Financial Performance - The company's estimated combined risk-based capital (RBC) ratio is between 430% and 450%[5, 13] - The company's holding company liquid assets stand at $0.9 billion[5, 14] - The statutory combined total adjusted capital (TAC) is $7.6 billion[5, 13] - The company had an adjusted earnings of $271 million in 2Q 2023[5, 6] Stock Repurchases - The company repurchased $64 million of common stock in 2Q 2023[5, 15] - An additional approximately $26 million was repurchased through August 4, 2023[5] Annuities Segment - Annuities sales were $2473 million[9] - Net flows for annuities were $(919) million[9] - The account value for annuities was $137495 million[9] Life Insurance Segment - Life insurance sales were $25 million[11] - The account value for life insurance was $8265 million[11] - Adjusted earnings, less notable items for life insurance were $15 million[11] Run-off Segment - Adjusted earnings, less notable items for the Run-off segment were $(16) million[12] Investment Portfolio - The company has approximately $119 billion in total investments[16] - Approximately $86 billion is in fixed maturity securities, with 97% being investment grade[16]

Part I — Financial Information [Item 1. Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) Presents Brighthouse Financial's unaudited interim condensed consolidated financial statements, covering balance sheets, operations, equity, cash flows, and key accounting notes [Interim Condensed Consolidated Financial Statements](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) Unaudited financial statements for June 30, 2023, report total assets of **$231.5 billion**, equity of **$5.0 billion**, a **$725 million net loss**, and **$628 million** net cash used in operating activities Consolidated Balance Sheet Highlights (in millions) | Balance Sheet Item | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Total Investments | $111,286 | $108,592 | | Total Assets | $231,545 | $224,847 | | Total Liabilities | $226,573 | $219,249 | | Total Equity | $4,972 | $5,598 | Consolidated Statement of Operations Highlights (in millions) | Income Statement Item | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Total Revenues | $1,547 | $5,879 | | Total Expenses | $2,437 | $1,699 | | Net Income (Loss) | $(672) | $3,332 | | Net Income (Loss) Available to Common Shareholders | $(725) | $3,277 | Consolidated Statement of Cash Flows Highlights (in millions) | Cash Flow Item | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $(628) | $(40) | | Net cash provided by (used in) investing activities | $(1,659) | $(5,019) | | Net cash provided by (used in) financing activities | $1,909 | $5,656 | [Notes to the Interim Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes explain accounting policies, LDTI adoption, segment performance, insurance liabilities, investment portfolio, and derivative usage - The company is organized into three segments: Annuities, Life, and Run-off, with certain results also reported in Corporate & Other[13](index=13&type=chunk) - The adoption of ASU 2018-12 (LDTI) on January 1, 2023, significantly changed accounting for long-duration insurance contracts, resulting in a **$5.4 billion decrease** in retained earnings and a **$3.9 billion decrease** in AOCI upon transition on January 1, 2021[22](index=22&type=chunk)[199](index=199&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=64&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the **$725 million net loss** for H1 2023, driven by market impacts, contrasting with **$466 million** adjusted earnings, and details segment performance, investments, derivatives, liquidity, and capital management Financial Performance Summary (in millions) | Metric | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net Income (Loss) Available to Shareholders | $(725) | $3,277 | | Adjusted Earnings | $466 | $524 | - The net loss in 2023 was primarily driven by net unfavorable changes in the estimated fair value of variable annuity guaranteed benefit riders due to market factors and net investment losses[232](index=232&type=chunk) - The company uses adjusted earnings as a non-GAAP measure to evaluate performance by excluding the impact of market volatility, focusing on primary business activities that drive profitability[259](index=259&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=103&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk exposures, including interest rate, equity, credit, and foreign currency risks, from prior disclosures - The company determined there were no material changes to its market risk exposures from those disclosed in the First Quarter Form 10-Q[650](index=650&type=chunk) [Item 4. Controls and Procedures](index=103&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal controls over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2023[474](index=474&type=chunk) - No material changes occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls over financial reporting[461](index=461&type=chunk) Part II — Other Information [Item 1. Legal Proceedings](index=103&type=section&id=Item%201.%20Legal%20Proceedings) Refers to Note 12 for details on ongoing legal proceedings, including cost of insurance class actions, with estimated possible losses up to **$10 million** - For information on legal proceedings, the report refers to Note 12 of the financial statements[690](index=690&type=chunk) - The company is defending against several purported class action lawsuits related to cost of insurance charges on universal life policies[222](index=222&type=chunk) [Item 1A. Risk Factors](index=103&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors from those previously disclosed in its 2022 Annual Report on Form 10-K - There have been no material changes to the company's risk factors from those disclosed in the 2022 Annual Report[462](index=462&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=104&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2023, Brighthouse Financial repurchased approximately **1.49 million shares** at an average of **$42.99 per share**, with **$167 million** remaining for repurchases Issuer Purchases of Equity Securities (Q2 2023) | Period | Total Shares Purchased | Average Price Paid per Share | Approx. Dollar Value Remaining ($ millions) | | :--- | :--- | :--- | :--- | | April 2023 | 450,365 | $42.99 | $211 | | May 2023 | 559,830 | $41.43 | $188 | | June 2023 | 475,734 | $44.09 | $167 | | **Total** | **1,485,929** | **-** | **-** | [Item 6. Exhibits](index=105&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with the Form 10-Q, including corporate governance amendments, compensation plans, and required CEO/CFO certifications - The report includes several exhibits, such as amendments to the Certificate of Incorporation and Bylaws, amendments to executive compensation plans, and CEO/CFO certifications[479](index=479&type=chunk)

Brighthouse Financial, Inc. (NASDAQ:BHF) Q1 2023 Earnings Conference Call May 9, 2023 9:30 AM ET Company Participants Dana Amante - Head of IR Eric Steigerwalt - President, CEO and Director Edward Spehar - Executive VP and CFO John Rosenthal - Chief Investment Officer David Rosenbaum - Head of Products and Underwriting Myles Lambert - Chief Distribution and Marketing Officer Conference Call Participants Tracy Benguigui - Barclays John Barnidge - Piper Sandler Alex Scott - Goldman Sachs Erik Bass - Autono ...