UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission File Number: 001-37905 Brighthouse Financial, Inc. (Exact name of registrant as specified in its charter) Delaware 81-3846992 (State or other juris ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission File Number: 001-37905 Brighthouse Financial, Inc. (Exact name of registrant as specified in its charter) Delaware 81-3846992 ...

Brighthouse Financial, Inc. Fourth Quarter and Full Year 2021 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 statement ...

Brighthouse Financial, Inc. (NASDAQ:BHF) Q4 2021 Earnings Conference Call February 11, 2022 8:00 AM ET Company Participants Dana Amante - Head, Investor Relations Eric Steigerwalt - President and Chief Executive Officer Ed Spehar - Chief Financial Officer Myles Lambert - Head, Marketing Conference Call Participants Tom Gallagher - Evercore Tracy Benguigui - Barclays Ryan Krueger - KBW Alex Scott - Goldman Sachs Elyse Greenspan - Wells Fargo John Barnidge - Piper Sandler Humphrey Lee - Dowling & Partners Eri ...

Brighthouse Financial, Inc. (NASDAQ:BHF) Q3 2021 Earnings Conference Call November 5, 2021 8:00 AM ET Company Participants Dana Amante - Head of Investor Relations Eric Steigerwalt - President and Chief Executive Officer Edward Spehar - Executive Vice President and Chief Financial Officer Myles Lambert - Executive Vice President and Chief Distribution and Marketing Officer Conor Murphy - Executive Vice President and Chief Operating Officer Conference Call Participants Elyse Greenspan - Wells Fargo Erik Bas ...

Brighthouse Financial, Inc. Third Quarter 2021 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 ...

Part I — Financial Information [Item 1. Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents Brighthouse Financial, Inc.'s unaudited interim condensed consolidated financial statements, including balance sheets, statements of operations, equity, and cash flows, with detailed notes on accounting policies, segments, investments, and derivatives [Interim Condensed Consolidated Balance Sheets](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $254.7 billion, driven by investments, while total equity decreased to $16.1 billion due to AOCI and share repurchases Consolidated Balance Sheet Highlights (in millions) | Metric | September 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$254,691** | **$247,869** | | Total Investments | $115,320 | $109,531 | | Separate Account Assets | $112,361 | $111,969 | | **Total Liabilities** | **$238,595** | **$229,781** | | Policyholder Account Balances | $63,748 | $54,508 | | Separate Account Liabilities | $112,361 | $111,969 | | **Total Equity** | **$16,096** | **$18,088** | [Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=5&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) Net income significantly improved to $383 million in Q3 2021 from a $2.995 billion loss in Q3 2020, driven by derivative gains, though the nine-month net loss widened Key Operating Results (in millions, except per share data) | Metric | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$2,512** | **$309** | **$5,126** | **$8,372** | | Net Derivative Gains (Losses) | $56 | $(1,857) | $(2,132) | $2,392 | | **Net Income (Loss) Attributable to BHF** | **$383** | **$(2,995)** | **$(171)** | **$(29)** | | **Diluted EPS** | **$4.34** | **$(32.49)** | **$(2.80)** | **$(0.61)** | [Interim Condensed Consolidated Statements of Equity](index=6&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Equity) Total equity decreased from $18.1 billion to $16.1 billion, primarily due to $341 million in treasury stock acquisitions, a $171 million net loss, and a $1.4 billion AOCI decrease - Treasury stock acquired through share repurchases totaled **$341 million** for the nine months ended September 30, 2021[14](index=14&type=chunk) - Accumulated other comprehensive income (AOCI) decreased from **$5.7 billion** at year-end 2020 to **$4.3 billion** at September 30, 2021[14](index=14&type=chunk) [Interim Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities was $644 million, while investing activities used $9.7 billion, and financing activities provided $9.0 billion for the nine months ended September 30, 2021 Cash Flow Summary for Nine Months Ended Sep 30 (in millions) | Cash Flow Category | 2021 | 2020 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $644 | $515 | | Net Cash from Investing Activities | $(9,665) | $(4,184) | | Net Cash from Financing Activities | $9,021 | $6,981 | | **Change in Cash** | **$0** | **$3,312** | [Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)](index=8&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) These notes detail accounting policies, business segments, insurance liabilities, investment portfolio, derivative instruments, equity components, and outstanding contingencies [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=50&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's analysis of financial condition and operations, covering executive summary, industry trends, accounting estimates, non-GAAP measures, and detailed performance analysis [Executive Summary](index=51&type=section&id=Executive%20Summary) Q3 2021 saw net income of $361 million and adjusted earnings of $450 million, a significant improvement from Q3 2020 losses, driven by favorable market conditions and actuarial review Financial Performance Summary (in millions) | Metric | Q3 2021 | Q3 2020 | 9M 2021 | 9M 2020 | | :--- | :--- | :--- | :--- | :--- | | Net Income (Loss) Available to Shareholders | $361 | $(3,012) | $(239) | $(60) | | Adjusted Earnings (Non-GAAP) | $450 | $(689) | $1,270 | $(467) | [Results of Operations](index=56&type=section&id=Results%20of%20Operations) The 2021 annual actuarial review had a $147 million unfavorable pre-tax impact, a significant improvement from 2020, with Q3 income increasing due to lower GMLB Rider losses and higher adjusted earnings Pre-Tax Impact of Annual Actuarial Review (in millions) | Category | 2021 | 2020 | | :--- | :--- | :--- | | GMLBs | $(42) | $(1,431) | | Included in pre-tax adjusted earnings | $(105) | $(1,367) | | **Total Impact on Income** | **$(147)** | **$(2,798)** | - The increase in Q3 2021 income before tax of **$4.3 billion** was primarily driven by lower losses from GMLB Riders, higher pre-tax adjusted earnings, and gains on other derivative instruments[194](index=194&type=chunk) [Investments](index=68&type=section&id=Investments) The company's investment portfolio, valued at $87.1 billion for fixed maturity securities (95.3% investment grade) and $18.4 billion for mortgage loans, aims to optimize risk-adjusted net investment income while managing market risks - The adjusted net investment income yield for Q3 2021 was **5.16%**, up from **4.42%** in Q3 2020, primarily driven by higher returns on other limited partnerships[238](index=238&type=chunk)[239](index=239&type=chunk) - At September 30, 2021, **95.3%** of the fixed maturity securities portfolio was rated investment grade, with a total estimated fair value of **$83.0 billion**[243](index=243&type=chunk) - The commercial mortgage loan portfolio had an average loan-to-value ratio of **59%** and an average debt-service coverage ratio of **2.3x** as of September 30, 2021[260](index=260&type=chunk) [Policyholder Liabilities](index=80&type=section&id=Policyholder%20Liabilities) This section details policyholder liabilities, including variable annuity guarantees, with living benefit NAR at **$6.9 billion** and death benefit NAR at **$6.8 billion**, and total variable annuity reserves at **$8.4 billion** Variable Annuity Net Amount at Risk (NAR) (in millions) | Metric | September 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Total Account Value | $108,297 | $108,424 | | Death Benefit NAR | $6,792 | $6,438 | | Living Benefit NAR | $6,919 | $7,562 | Variable Annuity Reserve Balances (in millions) | Reserve Type | September 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Future Policy Benefits | $6,216 | $6,016 | | Policyholder Account Balances | $2,214 | $2,920 | | **Total Reserves** | **$8,430** | **$8,936** | [Liquidity and Capital Resources](index=84&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$3.8 billion** in short-term liquidity and **$55.2 billion** in total liquid assets, targeting a **25%** debt-to-capital ratio and continuing its stock repurchase program - The company maintained a short-term liquidity position of **$3.8 billion** at September 30, 2021, down from **$4.5 billion** at year-end 2020[287](index=287&type=chunk) - On August 2, 2021, the company authorized an additional **$1.0 billion** for its common stock repurchase program[289](index=289&type=chunk) - The parent company, BHF, held **$1.5 billion** in short-term liquidity and **$1.5 billion** in liquid assets as of September 30, 2021[314](index=314&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=93&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk exposures, except for interest rate sensitivity, have occurred since the 2020 Annual Report - There have been no material changes to the company's market risk exposures from those disclosed in the 2020 Annual Report, with the exception of sensitivity to changes in interest rates[328](index=328&type=chunk) [Item 4. Controls and Procedures](index=93&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of September 30, 2021, noting ongoing material changes related to business processes and MetLife transition services - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2021[329](index=329&type=chunk)[330](index=330&type=chunk) Part II — Other Information [Item 1. Legal Proceedings](index=95&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 10 of the financial statements for details on legal proceedings - For details on legal proceedings, the report refers to Note 10 of the financial statements[334](index=334&type=chunk) [Item 1A. Risk Factors](index=95&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the 2020 Annual Report on Form 10-K - There have been no material changes to the company's risk factors since the 2020 Annual Report[335](index=335&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=95&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased approximately **3.3 million** common shares in Q3 2021, with **$939 million** remaining available under repurchase programs as of September 30, 2021 Issuer Purchases of Equity Securities (Q3 2021) | Period | Total Shares Purchased | Average Price Paid | Approx. Dollar Value Remaining for Repurchase | | :--- | :--- | :--- | :--- | | July 2021 | 984,430 | $43.21 | $45 million | | August 2021 | 1,109,103 | $46.25 | $994 million | | September 2021 | 1,197,634 | $45.88 | $939 million | | **Total Q3** | **3,291,167** | | | - On August 2, 2021, an additional **$1.0 billion** was authorized for the stock repurchase program[336](index=336&type=chunk) [Item 6. Exhibits](index=96&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files

Brighthouse Financial, Inc. (NASDAQ:BHF) Q2 2021 Earnings Conference Call August 6, 2021 8:00 AM ET Company Participants David Rosenbaum - Head, IR Eric Steigerwalt - President & CEO Ed Spehar - EVP & CFO Myles Lambert - CDMO Conor Murphy - COO John Rosenthal - CIO Dana Amante - Head, IR Conference Call Participants Ryan Krueger - KBW Humphrey Lee - Dowling & Partners Elyse Greenspan - Wells Fargo John Barnidge - Piper Sandler Zach Byer - Autonomous Research Operator Good morning, ladies and gentlemen, and ...

Brighthouse Financial, Inc. Second Quarter 2021 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 ABHFAP 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 BBHFAO The Nasdaq ...