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]

Brighthouse Financial, Inc. Second 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 ...

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, 2023 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. (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 ...

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 ...