Table of Contents 5 Brighthouse Financial, Inc. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are ...

time potentially impact stockholders' equity. See "Risk Factors — Risks Related to Our Business — Our variable annuity exposure risk management strategy may not be effective, may result in significant volatility in our profitability measures and may negatively affect our statutory capital" and "— Summary of Critical Accounting Estimates." The gross notional amount and estimated fair value of the derivatives held in our variable annuity hedging program, as well as the interest rate hedges allocated from our ...

Financial Data and Key Metrics - The RBC ratio for the year decreased from $500 million to $440 million, with approximately 50 points of the 60-point decline expected to reverse over time [1] - The MRP impact was $250 million to $300 million negative in 2022, but it is reversing with a 25 basis points increase in Q1 2023 and another 50-75 basis points increase expected in 2024 and 2025 [2] - Normalized statutory earnings were approximately $500 million in Q4 2022, bringing full-year normalized statutory earnings to approximately $1 billion [10] - The combined total adjusted capital (TAC) was $8.1 billion at December 31, compared to $8 billion at September 30 [7] Business Line Data and Key Metrics - Fixed deferred annuity and Shield annuity products saw strong sales in Q4 2022, with total annuity sales reaching $3.2 billion, a 36% increase compared to Q4 2021 [9][38] - Life insurance sales in Q4 2022 were $22 million, down year-over-year due to economic headwinds, but the company remains confident in its life insurance strategy [57] - The Annuities segment reported adjusted earnings of $286 million in Q4 2022, driven by higher VA separate account returns and lower DAC amortization [64] Market Data and Key Metrics - The company benefited from a significant increase in interest rates in 2022, with rates up over 230 basis points as measured by the 10-year U.S. Treasury [8] - The mortgage loan exposure in the investment portfolio grew from 16% to 20% over the last year, with commercial mortgage loans making up the majority at $13.5 billion [97] Company Strategy and Industry Competition - The company plans to resume dividends from BLIC to the holding company in 2023 and continues to focus on maintaining a strong balance sheet [10][116] - A new life insurance product is planned for 2023 to diversify and strengthen the life product suite, with a focus on expanding distribution footprint [22] - The company is cautious about capital return due to macroeconomic uncertainty but remains committed to returning capital to shareholders through share repurchases [114][123] Management Commentary on Operating Environment and Future Outlook - The company expects the business mix to evolve towards higher cash flow generation and less capital-intensive business as older, less profitable business is run off [9] - The company is focused on protecting its distribution franchise and maintaining a strong balance sheet under a multiyear, multi-scenario framework [59][65] - The company is optimistic about the Shield annuity product suite, with a new Shield Level Pay Plus product launched in 2022 to meet retirement income needs [37] Other Important Information - The company completed major system conversions in 2022, marking the end of establishment costs and allowing increased focus on growth and business mix evolution [133] - The company repurchased $488 million of common stock in 2022, reducing the number of shares outstanding by 43% since the repurchase program began in 2018 [56] Q&A Session Summary Question: Reinsurance recapture in the runoff segment - The reinsurance recapture in the runoff segment had a $24 million unfavorable impact, but it made economic sense for the company to recapture the business [73] Question: Capital return and macroeconomic environment - The company is cautious about capital return due to macroeconomic uncertainty but continues to repurchase shares, with $27 million repurchased year-to-date through February 7 [39][123] Question: New business strain and growth - The company experienced higher-than-typical new business strain in 2022, with around 30 points of strain for the full year, driven by strong sales growth [88] Question: Fixed annuity spreads and growth opportunities - Fixed annuity spreads were strong in Q4 2022, and the company expects most growth in 2023 to come from Shield annuity products [81][103] Question: Corporate expenses and outlook - Corporate expenses were elevated in 2022, but the company expects to see some cleanup costs in 2023, with no large-scale expense initiatives planned [18][93] Question: Impact of accounting changes on adjusted earnings - The impact of accounting changes on adjusted earnings is expected to be modest, with some fee income moving below the line but offset by other adjustments [31]

Brighthouse Financial, Inc. (NASDAQ:BHF) Q3 2022 Earnings Conference Call November 8, 2022 8:00 AM ET Company Participants Dana Amante - Head of Investor Relations Eric Steigerwalt - President & Chief Executive Officer Ed Spehar - Chief Financial Officer Myles Lambert - Executive Vice President & Chief Distribution & Marketing Officer Conference Call Participants Erik Bass - Autonomous Ryan Krueger - KBW Elyse Greenspan - Wells Fargo John Barnidge - Piper Sandler Suneet Kamath - Jefferies Tracy Benguigui - ...

Brighthouse Financial, Inc. Third Quarter 2022 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 ...

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 September 30, 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 j ...

Brighthouse Financial, Inc. (NASDAQ:BHF) Q2 2022 Earnings Conference Call August 5, 2022 8:00 AM ET Company Participants Dana Amante - Head of Investor Relations Eric Steigerwalt - President and Chief Executive Officer Ed Spehar - Chief Financial Officer John Rosenthal - CIO Myles Lambert - Head of Marketing Conference Call Participants Elyse Greenspan - Wells Fargo Tracy Benguigui - Barclays Erik Bass - Autonomous John Barnidge - Piper Sandler Ryan Krueger - KBW Alex Scott - Goldman Sachs Tom Gallagher - E ...

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 June 30, 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 jurisd ...

Brighthouse Financial, Inc. First Quarter 2022 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 ...

Brighthouse Financial, Inc. (NASDAQ:BHF) Q1 2022 Results Earnings Conference Call May 10, 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 Ryan Krueger - KBW Elyse Greenspan - Wells Fargo Erik Bass - Autonomous Research Tracy Benguigui - Barclays Alex Scott - Goldman Sachs Tom Gallagher - Evercore Suneet Kamath - Jefferies Operat ...