Appendix Note: See the Appendix for non-GAAP financial information, definitions and reconciliations. Financial information, unless otherwise noted, is rounded to millions. Some financial information, therefore, may not sum to the corresponding total. As used in this financial supplement, "Brighthouse Financial," "Brighthouse," the "Company," "we," "our" and "us" refer to Brighthouse Financial, Inc. Exhibit 99.2 Brighthouse Financial, Inc. Financial Supplement Second Quarter 2025 Financial Results Earnings a ...

Core Viewpoint - The market anticipates a year-over-year decline in Brighthouse Financial's earnings due to lower revenues, with a focus on how actual results compare to estimates [1][2]. Earnings Expectations - Brighthouse Financial is expected to report quarterly earnings of $4.70 per share, reflecting a year-over-year decrease of 15.6% [3]. - Revenues are projected to be $2.2 billion, down 0.8% from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised 1.12% higher in the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate for Brighthouse Financial is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -0.80% [12]. Earnings Surprise Prediction - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10]. - Brighthouse Financial currently holds a Zacks Rank of 3, making it challenging to predict an earnings beat [12]. Historical Performance - In the last reported quarter, Brighthouse Financial was expected to post earnings of $4.72 per share but delivered only $4.17, resulting in a surprise of -11.65% [13]. - Over the past four quarters, the company has beaten consensus EPS estimates two times [14]. Industry Comparison - Primerica, another player in the life insurance industry, is expected to report earnings of $5.17 per share, indicating a year-over-year increase of 9.8% [18]. - Primerica's revenues are expected to be $787.18 million, up 4.5% from the previous year, with a positive Earnings ESP of +0.14% [19].

Company Overview - Brighthouse Financial (BHF) shares increased by 6.2% to close at $50.27, following a significant volume of trading, contrasting with an 18.5% loss over the past four weeks [1][2] - The company is reportedly close to being acquired by Aquarian Holdings, which has likely contributed to the recent price appreciation [2] - Brighthouse is revamping its life insurance business to enhance annuity sales and is focusing on transitioning to less capital-intensive products [2][3] Financial Performance - The upcoming quarterly earnings are expected to be $4.70 per share, reflecting a year-over-year decline of 15.6%, with revenues projected at $2.2 billion, down 0.7% from the previous year [4] - The consensus EPS estimate has been revised 1.1% higher over the last 30 days, indicating a positive trend that may lead to further price appreciation [5] Market Position - Brighthouse Financial aims to become a premier player in the life and annuity products market, leveraging its strong market presence and product suite [3] - The company is committed to returning capital to shareholders and plans to maintain an opportunistic share repurchase program [3] Industry Context - Brighthouse Financial is part of the Zacks Insurance - Life Insurance industry, which includes other companies like Primerica (PRI) [6] - Primerica's consensus EPS estimate has increased by 0.4% to $5.18, representing a 10% year-over-year change, and it also holds a Zacks Rank of 3 (Hold) [7]

Brighthouse Financial shares took off Wednesday following a report that private equity firm Aquarian Holdings could be close to striking a deal to buy the insurer. https://t.co/iHCsMu0Z5P ...

Core Viewpoint - Brighthouse Financial, Inc. (BHF) is trading at a significant discount compared to its peers in the life insurance industry, with a price-to-book value of 0.51X versus the industry average of 1.91X, indicating potential undervaluation [1]. Financial Performance - BHF has a market capitalization of $2.72 billion and has experienced a year-to-date share price decline of 1.5%, underperforming the industry, Finance sector, and the Zacks S&P 500 Composite [1][3]. - The Zacks Consensus Estimate for 2025 revenues is projected at $8.8 billion, reflecting a year-over-year increase of 1.1%. However, the current-year earnings estimate is $18.44 per share, down 6.3% from the previous year [5]. - The trailing 12-month return on equity for BHF is 25.6%, significantly higher than the industry average of 15.37%, indicating effective utilization of shareholders' equity [11]. Strategic Initiatives - BHF is expanding its life and annuity offerings to enhance growth and market presence, focusing on less capital-intensive products and broader distribution channels [7][12]. - The company aims to capitalize on the growing individual insurance market by increasing life insurance sales and enhancing annuity solutions [12]. Investment Income - BHF's net investment income has shown consistent improvement, with adjusted net investment income rising 2% year-over-year to $1.3 billion in Q1 2025, supported by asset growth [14]. - The yield on adjusted net investment income reached 4.25% in the first quarter, indicating a strengthening investment income profile [14]. Financial Challenges - Total expenses for BHF nearly quadrupled to $2.7 billion in Q1 2025, with corporate expenses increasing by 15.4% year-over-year to $239 million, leading to a negative net margin of 11% [15]. - The company's long-term debt stands at $3.2 billion, resulting in a high debt-to-equity ratio of 59.5%, significantly above the industry average of 16.8% [16]. Analyst Sentiment - The average price target for BHF, based on short-term estimates from 10 analysts, is $59.60 per share, suggesting a potential upside of 21.3% from the last closing price [8]. - Mixed analyst sentiment is reflected in the slight downward adjustment of the 2025 earnings estimate by 0.2% over the past week, while the 2026 estimate increased by 0.5% [10].

Core Insights - LVMH's liquidity contract with Oddo BHF SCA shows significant trading activity in the first half of 2025, with a total of 3,203 purchases and 3,240 sales of shares, indicating active management of liquidity [1][2][8] Summary by Category Transactions Overview - Total purchases amounted to 234,460 shares for a total of €135,447,405.90, while total sales reached 203,460 shares for €117,943,246.10 [2][8] - The liquidity account showed a cash balance of €9,887,574.90 and 52,000 shares remaining at the end of the reporting period [2][8] Monthly Breakdown - In January 2025, notable transactions included 3,000 shares purchased on January 2 for €1,875,000 and 5,000 shares sold on January 15 for €3,214,000 [1][3] - February 2025 saw 7,000 shares purchased on January 29 for €4,994,755.20 and 3,000 shares sold on February 12 for €2,062,000 [3][4] - March 2025 included significant purchases such as 8,500 shares on March 4 for €5,714,191.90 and sales of 4,000 shares on March 14 for €2,458,700 [4][5] Key Dates and Amounts - On April 3, 2025, 6,000 shares were purchased for €3,320,800, while on April 10, 2025, 3,000 shares were sold for €1,621,800 [5][6] - May 2025 transactions included 5,000 shares sold on May 12 for €3,102,486.40 and 3,000 shares purchased on May 22 for €1,451,150 [6][7] - In June 2025, the last recorded transaction was a purchase of 1,000 shares for €444,600 on June 30 [7][8]

Core Insights - Brighthouse Financial, Inc. (BHF) has seen a share price increase of 37.7% over the past year, outperforming its industry, the Finance sector, and the Zacks S&P 500 composite, which grew by 17.3%, 19.6%, and 10.8% respectively [1] - The company has a market capitalization of $3.31 billion and an average trading volume of 0.8 million shares over the last three months [1] Valuation and Performance - BHF shares are trading at a forward price-to-book value of 0.63X, significantly lower than the industry average of 1.97X, the Finance sector's 4.16X, and the Zacks S&P 500 Composite's 8.09X, indicating attractive valuation [3] - The trailing 12-month return on equity for BHF is 25.6%, surpassing the industry average of 15.37%, reflecting effective utilization of shareholder equity [15] Market Position and Growth Drivers - BHF is positioned to benefit from a growing individual insurance market and an expanding distribution network, with a focus on enhancing its product portfolio through new offerings like Shield Level Pay Plus and SecureKey [8][16] - The Zacks Consensus Estimate for BHF's 2025 revenues is projected at $8.84 billion, representing a year-over-year increase of 1.4%, with further growth expected in 2026 [9] Sales and Earnings Trends - Earnings for BHF have grown by 16.5% over the past five years, outperforming the industry average of 7.8%, with the company beating earnings estimates in two of the last four quarters [10] - Recent sales growth has been driven by strong performance in annuity products, particularly from the Shield Level Annuity and SecureKey offerings, alongside improved underwriting margins and net investment income [17][18] Analyst Sentiment and Price Targets - The average price target from analysts for BHF is $58.50 per share, suggesting a potential downside of 0.66% from the last closing price [11] - There has been a bearish sentiment among analysts, with three out of six lowering their estimates for 2025 and one for 2026 in the past 30 days [13] Financial Strategy and Capital Management - BHF maintains a well-diversified investment portfolio, which supports stable earnings and capital strength, and is committed to returning capital to shareholders through an opportunistic share repurchase program [20] - The company’s focus on enhancing its balance sheet strength and financial flexibility positions it well for future growth [21]

Core Viewpoint - Brighthouse Financial reported mixed financial results for the quarter ended March 2025, with revenue growth but earnings per share (EPS) falling short of expectations [1][3]. Financial Performance - Revenue for the quarter was $2.16 billion, reflecting a year-over-year increase of 5.2%, but was below the Zacks Consensus Estimate of $2.3 billion, resulting in a surprise of -6.20% [1]. - EPS was reported at $4.17, down from $4.25 in the same quarter last year, and below the consensus estimate of $4.72, leading to an EPS surprise of -11.65% [1]. Key Metrics - Net flows for variable and shield level annuities were -$1.96 billion, worse than the average estimate of -$1.56 billion [4]. - The account value for variable and shield level annuities at the end of the period was $120.96 billion, slightly above the estimated $120.82 billion [4]. - Net flows for fixed annuities were -$431 million, significantly worse than the average estimate of -$21.07 million [4]. - The account value for fixed annuities was $19.36 billion, below the average estimate of $19.71 billion [4]. Revenue Breakdown - Net investment income was $1.29 billion, below the average estimate of $1.39 billion, but represented a year-over-year increase of 3% [4]. - Other revenues were reported at $136 million, below the average estimate of $146.63 million, reflecting a year-over-year decline of 6.2% [4]. - Premiums collected were $186 million, below the estimated $202.46 million, marking a year-over-year decrease of 7.9% [4]. - Universal life and investment-type product policy fees were $543 million, below the average estimate of $586.28 million, but showed a year-over-year increase of 24.5% [4]. - Total adjusted revenues for life insurance were $291 million, below the average estimate of $306.66 million, representing a year-over-year increase of 34.1% [4]. - Total adjusted revenues for annuities were $1.34 billion, slightly below the average estimate of $1.39 billion, with a year-over-year increase of 3.1% [4]. - Total adjusted revenues from run-off were $367 million, below the average estimate of $418.81 million, with a year-over-year increase of 3.1% [4]. - Total adjusted revenues from corporate and other segments were $154 million, below the average estimate of $181.42 million, reflecting an 11% year-over-year decline [4]. Stock Performance - Brighthouse Financial shares have returned +22.8% over the past month, outperforming the Zacks S&P 500 composite, which saw a +3.8% change [3]. - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3].

[Part I — Financial Information](index=4&type=section&id=Part%20I%20%E2%80%94%20Financial%20Information) Presents the company's consolidated financial statements and management's analysis of financial performance [Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) The unaudited interim condensed consolidated financial statements for Brighthouse Financial, Inc. as of March 31, 2025, and for the three months ended March 31, 2025 and 2024. For the first quarter of 2025, the company reported a net loss attributable to common shareholders of $294 million, an improvement from a net loss of $519 million in the prior-year period. Total assets decreased to $234.7 billion from $238.5 billion at year-end 2024, primarily due to changes in separate account assets and liabilities [Interim Condensed Consolidated Balance Sheets](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Balance%20Sheets) Presents the company's financial position, including assets, liabilities, and equity, at specific dates | Balance Sheet Highlights | March 31, 2025 (in millions) | December 31, 2024 (in millions) | | :--- | :--- | :--- | | Total Investments | $117,257 | $117,387 | | Total Assets | $234,681 | $238,537 | | Total Liabilities | $229,377 | $233,513 | | Total Equity | $5,304 | $5,024 | - Total assets decreased from **$238.5 billion** at the end of 2024 to **$234.7 billion** as of March 31, 2025, while total equity increased from **$5.0 billion** to **$5.3 billion** over the same period[8](index=8&type=chunk) [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)) Details the company's revenues, expenses, and net income or loss over a specific period | Income Statement Highlights | Three Months Ended Mar 31, 2025 (in millions) | Three Months Ended Mar 31, 2024 (in millions) | | :--- | :--- | :--- | | Total Revenues | $2,390 | $74 | | Total Expenses | $2,744 | $688 | | Net Income (Loss) | $(266) | $(491) | | Net Income (Loss) available to Common Shareholders | $(294) | $(519) | | Basic EPS | $(5.04) | $(8.22) | | Diluted EPS | $(5.04) | $(8.22) | - The significant increase in total revenues for Q1 2025 compared to Q1 2024 was primarily driven by a substantial positive swing in Net derivative gains (losses), which were **$311 million** in Q1 2025 versus **$(1,921) million** in Q1 2024[12](index=12&type=chunk) [Interim Condensed Consolidated Statements of Equity](index=6&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Equity) Outlines changes in the company's equity, including net income, comprehensive income, and share repurchases - Total equity increased from **$5,024 million** at December 31, 2024, to **$5,304 million** at March 31, 2025. The increase was primarily driven by **$608 million** in other comprehensive income, partially offset by a net loss of **$266 million** and **$59 million** in share repurchases[16](index=16&type=chunk) [Interim Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Interim%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Summarizes cash inflows and outflows from operating, investing, and financing activities | Cash Flow Highlights | Three Months Ended Mar 31, 2025 (in millions) | Three Months Ended Mar 31, 2024 (in millions) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $146 | $(530) | | Net cash provided by (used in) investing activities | $563 | $(625) | | Net cash provided by (used in) financing activities | $(1,087) | $1,127 | | Change in cash, cash equivalents and restricted cash | $(378) | $(28) | [Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)](index=8&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Provides detailed explanations of accounting policies, estimates, and segment information - Brighthouse Financial is a major provider of annuity and life insurance products in the U.S., organized into **four reportable segments**: Annuities, Life, Run-off, and Corporate & Other[22](index=22&type=chunk) - The company's financial statements are prepared in conformity with U.S. GAAP, which requires management to make estimates and assumptions that can affect reported amounts[23](index=23&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=55&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion provides an analysis of the company's financial performance for Q1 2025. The company reported a net loss available to shareholders of $294 million, an improvement from a $519 million loss in Q1 2024. However, on a non-GAAP basis, adjusted earnings were $235 million, a significant turnaround from an adjusted loss of $98 million in the prior-year period. The results were influenced by market factors impacting variable annuity guarantees, investment performance, and derivative hedging outcomes. The discussion also covers industry trends, liquidity, capital resources, and investment portfolio management [Executive Summary](index=56&type=section&id=Executive%20Summary) Provides a high-level overview of the company's financial performance and key drivers for the period | Metric | Q1 2025 (in millions) | Q1 2024 (in millions) | | :--- | :--- | :--- | | Net income (loss) available to shareholders | $(294) | $(519) | | Adjusted earnings (loss) (Non-GAAP) | $235 | $(98) | - The Q1 2025 net loss was primarily driven by unfavorable changes in the fair value of variable annuity guaranteed benefit riders due to market factors, and net investment losses. This was partially offset by favorable pre-tax adjusted earnings and gains on interest rate derivatives hedging the ULSG business[269](index=269&type=chunk) [Industry Trends and Uncertainties](index=57&type=section&id=Industry%20Trends%20and%20Uncertainties) Discusses external factors such as market conditions, interest rates, and geopolitical events affecting the business - The company's business is materially affected by capital markets and economic conditions, including equity market performance, interest rates, and inflation. The Federal Reserve's interest rate decreases in late 2024 may negatively impact the investment portfolio and profitability of spread-based products[272](index=272&type=chunk) - The company continues to monitor geopolitical conflicts, supply chain disruptions, and uncertainty in asset classes like commercial real estate for their potential impact on business operations and the investment portfolio[276](index=276&type=chunk) [Non-GAAP Financial Disclosures](index=59&type=section&id=Non-GAAP%20Financial%20Disclosures) Explains the company's use of non-GAAP financial measures and their reconciliation to GAAP equivalents - Adjusted earnings is a non-GAAP measure used by management that excludes market volatility impacts such as net investment gains/losses, net derivative gains/losses (with certain exceptions), and changes in market risk benefits to highlight underlying business profitability[283](index=283&type=chunk)[284](index=284&type=chunk)[285](index=285&type=chunk) [Results of Operations](index=61&type=section&id=Results%20of%20Operations) Analyzes the company's revenue, expenses, and profitability across its business segments - The lower net loss in Q1 2025 compared to Q1 2024 was driven by higher pre-tax adjusted earnings and gains on interest rate derivatives. This was partially offset by higher losses from variable annuity guaranteed benefit riders and higher net investment losses on mortgage loans[293](index=293&type=chunk)[295](index=295&type=chunk) - Adjusted earnings increased by **$333 million** year-over-year to **$235 million**, primarily due to lower insurance-related costs and higher fee income, partially offset by a lower net investment spread[298](index=298&type=chunk) | Adjusted Earnings (Loss) by Segment | Q1 2025 (in millions) | Q1 2024 (in millions) | | :--- | :--- | :--- | | Annuities | $314 | $313 | | Life | $9 | $(36) | | Run-off | $(64) | $(341) | | Corporate & Other | $(24) | $(34) | | **Total** | **$235** | **$(98)** | [Investments](index=69&type=section&id=Investments) Details the composition, performance, and risk management of the company's investment portfolio - The company manages investment risk through asset allocation, diversification, and risk limits. The investment portfolio's adjusted net investment income yield was **4.25%** for Q1 2025, consistent with Q1 2024[318](index=318&type=chunk)[329](index=329&type=chunk) - As of March 31, 2025, **97.3%** of the fixed maturity securities portfolio was rated investment grade, with a total estimated fair value of **$80.6 billion**[337](index=337&type=chunk) - The company has direct exposure to commercial real estate through mortgage loans and CMBS. The office property sector, which represents **22.9%** of the commercial mortgage loan portfolio, is under continued market focus due to hybrid work arrangements[324](index=324&type=chunk)[350](index=350&type=chunk) [Derivatives](index=79&type=section&id=Derivatives) Describes the company's use of derivative instruments for risk management purposes - The company uses a variety of derivative instruments to manage interest rate, foreign currency, credit, and equity market risks. As of March 31, 2025, the total gross notional amount of derivatives was **$271.4 billion**[152](index=152&type=chunk)[358](index=358&type=chunk) [Policyholder Liabilities](index=80&type=section&id=Policyholder%20Liabilities) Explains the nature and valuation of liabilities related to insurance and annuity products - Variable annuity guaranteed benefits (MRBs) are measured at fair value. The total Net Amount at Risk (NAR) for variable annuities was **$13.3 billion** for death benefits and **$5.8 billion** for living benefits as of March 31, 2025[371](index=371&type=chunk)[376](index=376&type=chunk) [Liquidity and Capital Resources](index=82&type=section&id=Liquidity%20and%20Capital%20Resources) Assesses the company's ability to meet its financial obligations and maintain adequate capital levels - The company maintains a substantial short-term liquidity position of **$4.7 billion** and total liquid assets of **$48.0 billion** as of March 31, 2025[383](index=383&type=chunk)[384](index=384&type=chunk) - The company targets a combined risk-based capital (RBC) ratio of **400% to 450%** in normal market conditions[389](index=389&type=chunk) - During Q1 2025, the company repurchased **$59 million** of its common stock. As of March 31, 2025, **$484 million** remained under its repurchase authorization[224](index=224&type=chunk) - The parent holding company, BHF, is largely dependent on cash flows from its insurance subsidiaries to meet its obligations. BHF and its non-insurance subsidiaries held **$872 million** in short-term liquidity at the end of Q1 2025[422](index=422&type=chunk)[423](index=423&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=91&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risk from changes in interest rates, equity market prices, credit spreads, and foreign currency exchange rates through its insurance and investment activities. The company regularly analyzes these exposures. There have been no material changes to the market risk exposures disclosed in the 2024 Annual Report - The company's market risk exposures, primarily from interest rates and secondarily from equity prices and foreign currency rates, have not materially changed from those disclosed in the 2024 Annual Report on Form 10-K[436](index=436&type=chunk)[437](index=437&type=chunk) [Controls and Procedures](index=92&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2025. The company noted that ongoing changes in business processes, system implementations, and new third-party arrangements related to the transition services from MetLife are considered material changes in internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[439](index=439&type=chunk) - Ongoing changes to business processes and systems related to the separation from MetLife are considered material changes to internal control over financial reporting[440](index=440&type=chunk) [Part II — Other Information](index=92&type=section&id=Part%20II%20%E2%80%94%20Other%20Information) Covers legal proceedings, risk factors, equity sales, and other relevant disclosures [Legal Proceedings](index=92&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various litigation matters. For contingencies where a loss is reasonably possible but not probable, the company estimates an aggregate range of reasonably possible losses up to approximately $10 million as of March 31, 2025. For other matters, an estimate cannot be made. (See Note 13 for details) - The company is a defendant in a number of litigation matters. For details, refer to Note 13 of the Notes to the Interim Condensed Consolidated Financial Statements[442](index=442&type=chunk)[239](index=239&type=chunk) [Risk Factors](index=92&type=page&id=Item%201A.%20Risk%20Factors) There have been no material changes to the company's risk factors from those previously disclosed in the 2024 Annual Report on Form 10-K - No material changes to the company's risk factors have occurred since the filing of the 2024 Annual Report[443](index=443&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=92&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first quarter of 2025, Brighthouse Financial repurchased 1,062,596 shares of its common stock for a total of approximately $59 million. As of March 31, 2025, $484 million remained available for future repurchases under the authorized program | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Jan 2025 | 374,009 | $50.56 | | Feb 2025 | 317,600 | $60.10 | | Mar 2025 | 370,987 | $56.52 | | **Total Q1 2025** | **1,062,596** | **N/A** | - As of March 31, 2025, approximately **$484 million** remained available for repurchase under the company's publicly announced stock repurchase program[444](index=444&type=chunk) [Other Information](index=92&type=section&id=Item%205.%20Other%20Information) During the first quarter of 2025, none of the company's directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No directors or officers adopted or terminated Rule 10b5-1 trading plans during the first quarter of 2025[445](index=445&type=chunk) [Exhibits](index=93&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications pursuant to the Sarbanes-Oxley Act of 2002 and XBRL data files

Core Viewpoint - Brighthouse Financial, Inc. (BHF) reported a first-quarter 2025 adjusted net income of $4.17 per share, missing the Zacks Consensus Estimate by 11.6%, with a year-over-year decline of 1.8% in the bottom line, attributed to lower premiums and rising expenses, although offset by improved adjusted net investment income [1][2] Financial Performance - Total operating revenues reached $2.2 billion, reflecting a 6.1% increase year over year, driven by higher universal life and investment-type product policy fees and net investment income [1] - Premiums amounted to $186 million, down 7.9% year over year, compared to an estimate of $218.3 million [2] - Adjusted net investment income was $1.3 billion, up 2% year over year, primarily due to asset growth, with an investment income yield of 4.25% [2] - Total expenses were $2.7 billion, nearly four times higher year over year, exceeding the estimate of $995.5 million [2] Segment Performance - Annuities segment reported adjusted operating income of $314 million, a slight increase of 0.3% year over year, while annuity sales decreased by 21% to $2.3 billion, mainly due to lower fixed annuity sales [3] - Life insurance segment achieved adjusted operating earnings of $9 million, recovering from a loss of $36 million in the previous year, with life insurance sales increasing by 24% quarter over quarter to $36 million [4] - Run-off segment recorded an adjusted operating loss of $64 million, wider than the previous year's loss of $34 million, attributed to lower net investment income [4] - Corporate & Other segment incurred an adjusted operating loss of $24 million, an improvement from a loss of $34 million in the prior year [5] Financial Position - Cash and cash equivalents stood at $4.7 billion, a 22% increase year over year [6] - Shareholders' equity reached $5.2 billion, up 25% year over year [6] - Book value per share, excluding accumulated other comprehensive income, was $141.87 as of March 31, 2025, reflecting a 12.3% increase year over year [6] - Statutory combined total adjusted capital was $5.5 billion, down 8.3% year over year, with an estimated combined risk-based capital ratio of 420-440% [6] Share Buyback Activity - Brighthouse Financial repurchased shares worth $59 million in the first quarter of 2025, with an additional $26 million on a trade date basis through May 6, 2025 [7]