BRIGHTHOUSE FIN(BHFAM) - 2024 Q4 - Annual Results

Financial Performance - Net income available to shareholders for Q4 2024 was $646 million, a significant increase from a loss of $942 million in Q4 2023[12] - Adjusted earnings for Q4 2024 were $304 million, compared to $177 million in Q4 2023, reflecting a year-over-year improvement[12] - Total revenues for Q4 2024 were $1,205 million, down from $1,400 million in Q4 2023, primarily due to net derivative losses[12] - Total adjusted revenues for Q4 2024 reached $2,273 million, an increase of 6.6% compared to $2,133 million in Q4 2023[15] - Adjusted earnings after provision for income tax for Q4 2024 were $330 million, up from $177 million in Q4 2023, representing an increase of 86.1%[15] - For the year ended December 31, 2024, total adjusted revenues were $8,718 million, a 4.1% increase from $8,375 million in 2023[16] - Adjusted earnings after provision for income tax for the year 2024 were $1,319 million, compared to $969 million in 2023, reflecting a growth of 36.1%[16] - Adjusted earnings, less notable items, for the year ended December 31, 2024, reached $1,209 million, compared to $930 million for the previous year, reflecting a year-over-year growth of approximately 30%[72] Capital and Equity - The combined risk-based capital ratio remained stable at approximately 400% for Q4 2024, consistent with previous quarters[9] - The company’s stockholders' equity, excluding accumulated other comprehensive income, was $8,538 million as of December 31, 2024, up from $8,490 million in Q4 2023[9] - Total capital and surplus as of December 31, 2024, decreased to $3,900 million from $4,763 million as of December 31, 2023[36] - The risk-based capital ratio for the insurance subsidiaries was reported at 400%, indicating strong capital adequacy[70] Expenses and Cost Management - Total corporate expenses for Q4 2024 were $210 million, a decrease from $244 million in Q4 2023, reflecting cost management efforts[9] - Total adjusted expenses for Q4 2024 were $1,872 million, an increase of 4.3% from $1,890 million in Q4 2023[15] - The company reported total expenses of $371 million for the three months ended December 31, 2024, a decrease from $2,574 million in the same quarter last year[75] Sales and Premiums - Premiums collected in Q4 2024 were $207 million, down from $226 million in Q4 2023, indicating a decline in new business activity[12] - Premiums for annuities in Q4 2024 were $81 million, a decrease of 12.9% from $93 million in Q4 2023[17] - Total fixed and income annuity sales for the year 2024 were $1,748 million, a decrease of 43.8% from $3,109 million in 2023[20] - Total life sales for the year ended December 31, 2024, reached $120 million, a 17.6% increase compared to $102 million in 2023[24] - Annuity sales reached $1.2 billion, representing a 10% increase from the prior year, with fixed index annuities showing robust growth[68] Investment Performance - Net investment income for annuities in Q4 2024 was $752 million, an increase of 9.2% from $689 million in Q4 2023[17] - The net investment income for the year ended December 31, 2024, was $466 million, up from $437 million in 2023, indicating a growth of 6.7%[22] - The investment portfolio reported net investment losses of $(73) million for the three months ended December 31, 2024, compared to $(246) million in the same period last year[76] - The adjusted net investment income yield for the three months ended December 31, 2024, was 4.51%, an increase from 4.16% in the same quarter of the previous year[76] Market and Strategic Initiatives - The company anticipates a 5% growth in adjusted revenues for the next fiscal year, supported by new product launches and market expansion strategies[41] - The company is investing in technology to enhance customer experience and streamline operations, with a budget allocation of $50 million for the upcoming year[60] - The company plans to expand its market presence in Asia, targeting a 20% increase in market share over the next three years[41] Other Notable Metrics - The account value for variable and shield level annuities at the end of Q4 2024 was $125,121 million, down from $128,234 million at the end of Q3 2024[18] - The life insurance in-force, net of reinsurance, for whole life policies was $2,932 million as of December 31, 2024, a decrease from $2,962 million in the previous year[24] - The universal and variable universal life account value at the end of December 2024 was $2,590 million, up from $2,579 million at the end of September 2024[23] - The variable universal life account value decreased to $6,419 million at the end of December 2024 from $6,511 million at the end of September 2024, reflecting a decline of 1.4%[23]