Financial Data and Key Metrics - Total annuity sales for 2023 were $10.6 billion, exceeding the 2023 target, with life insurance sales at $102 million [7] - Field sales of flagship Shield level annuity products reached $6.9 billion, a 17% increase year-over-year [7] - Fixed rate annuity sales were $2.7 billion, down from $3.7 billion in 2022 [7] - Full-year corporate expenses increased by 2% to $885 million, despite core inflation of approximately 4% [8] - The company repurchased $250 million of common stock in 2023, reducing shares outstanding by approximately 7% [35] - Total combined adjusted capital (TAC) declined to $6.3 billion at year-end 2023, compared to $7.3 billion at the end of Q3 2023 [13] - The estimated combined risk-based capital (RBC) ratio increased by 10 points sequentially to 420% [40] Business Line Data and Key Metrics - Shield level annuity products had a record sales year, contributing significantly to total annuity sales [7] - The company launched Brighthouse Secure Fixed Indexed Annuities and expanded its life insurance suite with Brighthouse SmartGuard Plus [36] - The Annuities segment reported adjusted earnings of $245 million in Q4 2023, while the Life segment reported $4 million [45] - The Run-off segment reported an adjusted loss of $50 million in Q4 2023 [16] Market Data and Key Metrics - The company is working with 14 plan sponsors to implement BlackRock's LifePath Paycheck, totaling $27 billion in target date fund assets and over 500,000 individual employees [10] - The company expects similar levels of outflows in 2024 as in 2023, driven by blocks of business coming out of surrender charge periods and higher rates [83] Company Strategy and Industry Competition - The company plans to continue strengthening its product suite and leveraging distribution relationships to compete effectively in chosen markets [9] - The company aims to maintain a low-cost producer advantage, focusing on efficiency gains to offer competitive products and generate shareholder returns [8] - The company's risk management strategy remains unchanged, with no material impact expected on long-term statutory free cash flows due to new statutory requirements [37] Management Commentary on Operating Environment and Future Outlook - Management highlighted the effectiveness of the company's hedging strategy, with CTE98 total asset requirements reduced by $1.14 billion due to anticipated future hedging [41] - The company expects corporate expenses to decrease in 2024 compared to 2023 [107] - Management remains optimistic about growth in Shield sales, expansion in the fixed indexed annuity market, and contributions from the worksite product offering with BlackRock [38] Other Important Information - The company implemented a new statutory requirement to reflect all anticipated future hedging in variable annuity reserves and capital, increasing total asset requirements at CTE70 by $870 million [12] - The negative unassigned funds balance at BLIC was approximately $1.1 billion at year-end 2023, primarily due to the new statutory requirement [14] - The company expects to support taking capital up from BLIC in 2024, subject to regulatory approval [20] Q&A Session Summary Question: Impact of the new statutory requirement on capital management and dividend flows [19] - The new requirement is more of a technical consideration, and the company's financial plan for 2024 supports taking capital from BLIC [20] - The company does not expect changes in cash flows or buyback plans due to the new requirement [24] Question: Sensitivity to the 50 basis point increase in the statutory mean reversion rate [52] - The impact of the 50 basis point increase is expected to be different under the new statutory requirement, but it is too early to quantify [76] Question: Expectations for normalized EPS and alternative investment returns [59] - The company expects a run-rate EPS in the range of $4, excluding notable items and adjusting for alternative investment returns [88] - The company does not predict near-term alternative investment returns but expects long-term returns of 9% to 11% [60] Question: Buyback cadence and capital return plans [61] - The company does not provide forward-looking guidance on buyback pace but expects to continue repurchasing shares in 2024 [61] Question: Impact of the new statutory requirement on CTE98 and CTE70 [91] - The new requirement reduces CTE98 total asset requirements by $1.14 billion, with a convergence of about $2 billion between CTE98 and CTE70 [49] Question: Surrender activity and outflows outlook [121] - The company expects similar levels of outflows in 2024 as in 2023, driven by blocks of business coming out of surrender charge periods and higher rates [83] Question: Long-term statutory free cash flow projections [125] - The company plans to publish long-term statutory free cash flow projections but does not have a specific timeline [84]

Brighthouse Financial (BHF) reported $2.13 billion in revenue for the quarter ended December 2023, representing a year-over-year increase of 5.5%. EPS of $2.92 for the same period compares to $3.51 a year ago.The reported revenue represents a surprise of +0.15% over the Zacks Consensus Estimate of $2.13 billion. With the consensus EPS estimate being $3.83, the EPS surprise was -23.76%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to ...

Brighthouse Financial (BHF) came out with quarterly earnings of $2.92 per share, missing the Zacks Consensus Estimate of $3.83 per share. This compares to earnings of $3.51 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -23.76%. A quarter ago, it was expected that this annuity and life insurance company would post earnings of $4.03 per share when it actually produced earnings of $4.18, delivering a surprise of 3.72%.Over the ...

Brighthouse Financial (BHF) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on ...

BOSTON--(BUSINESS WIRE)--Lendbuzz, an AI-based financial technology company that helps consumers obtain fair access to credit when purchasing a vehicle, today announced that it has added Diane Offereins to its board of directors. Ms. Offereins—who brings to the board more than 35 years of experience in the Financial Services industry— spent much of her storied career at Discover Financial Services, where she recently retired as the Executive Vice President, President Payment Services, having served in a ...

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 ...