BRIGHTHOUSE FIN(US:BHFAM)2025-05-08 20:21Financial Performance - Net income available to shareholders for Q1 2025 was $(294) million, compared to $646 million in Q4 2024, and $(519) million in Q1 2024[9]. - Adjusted earnings for Q1 2025 were $235 million, down from $304 million in Q4 2024 and up from $(98) million in Q1 2024[9]. - Total revenues for Q1 2025 reached $2,390 million, significantly higher than $1,205 million in Q4 2024 and $74 million in Q1 2024[13]. - Total adjusted revenues for Q1 2025 reached $2,156 million, a 5.2% increase from $2,050 million in Q1 2024[16]. - Adjusted earnings after provision for income tax for Q1 2025 were $263 million, compared to a loss of $98 million in Q1 2024[16]. - Total revenues for the three months ended March 31, 2025, increased to $4,800 million, compared to $2,229 million for the same period in 2024, representing a growth of 115.4%[34]. - Combined net income for the three months ended March 31, 2025, was $400 million, a significant recovery from a net loss of $18 million in the same period of 2024[34]. - Adjusted earnings, less notable items, for the three months ended March 31, 2025, were $245 million, compared to $268 million for the same period in 2024[74]. - The adjusted return on common equity, excluding AOCI, was 6.3% for the quarter ended March 31, 2025, compared to (13.6)% for the same period in 2024[76]. Capital and Assets - Combined total adjusted capital as of March 31, 2025, was $5,500 million, an increase from $5,373 million in Q4 2024[9]. - Total assets decreased to $234,681 million as of March 31, 2025, down from $238,537 million in Q4 2024[14]. - The total capital and surplus as of March 31, 2025, increased to $4,100 million from $4,503 million as of March 31, 2024[38]. - The company’s common stockholders' equity, excluding AOCI, was $8,094 million as of March 31, 2025, compared to $8,864 million a year earlier[76]. Risk and Ratios - The combined risk-based capital ratio improved to a range of 420%-440% as of March 31, 2025, compared to 402% in Q4 2024[9]. - The combined risk-based capital ratio for March 31, 2025, was reported at 420%-440%, an improvement from 415%-435% in the previous year[38]. - The risk-based capital ratio is used to ensure compliance with minimum regulatory capital requirements, reflecting the company's relative size and risk profile[72]. Expenses - The company reported total corporate expenses of $239 million in Q1 2025, up from $210 million in Q4 2024[9]. - Total adjusted expenses for Q1 2025 were $1,841 million, a decrease from $2,132 million in Q1 2024, indicating a 13.6% reduction[16]. - Total adjusted expenses for the three months ended March 31, 2025, were $1,841 million, compared to $2,132 million for the same period in 2024[77]. Investment Performance - Net investment income for the Annuities segment increased to $753 million in Q1 2025, up from $676 million in Q1 2024, representing an 11.4% growth[17]. - The investment portfolio reported net investment losses of $(83) million for the three months ended March 31, 2025, compared to $(42) million in the same period last year[78]. - The adjusted net investment income yield for the three months ended March 31, 2025, was 4.25%, slightly down from 4.25% in the same period last year[78]. Sales and Premiums - Premiums in the Annuities segment for Q1 2025 were $65 million, down from $83 million in Q1 2024, reflecting a 21.7% decrease[17]. - Life segment total adjusted revenues for Q1 2025 were $291 million, up from $217 million in Q1 2024, marking a 33.9% increase[22]. - Total variable and Shield Level annuity sales for Q1 2025 were $2,122 million, a slight increase from $2,017 million in Q1 2024, reflecting a 5.2% growth[20]. - Fixed index annuities sales decreased to $26 million in Q1 2025 from $191 million in Q1 2024, a significant decline of 86.4%[20]. - Total life sales reached $36 million for the three months ended March 31, 2025, up from $29 million in the same period last year, representing a 24.1% increase[24]. Other Key Metrics - Book value per common share increased to $61.17 as of March 31, 2025, from $55.60 in Q4 2024[9]. - The percentage allocated to equity funds in variable annuity separate accounts was 31.28% for the three months ended March 31, 2025, slightly down from 31.54% in the same period of 2024[32]. - Normalized statutory earnings for the three months ended March 31, 2025, were $300 million, compared to a loss of $200 million in the same period of 2024[36]. - The total change in market risk benefits was $(893) million for the three months ended March 31, 2025, compared to $1,440 million in the same period last year[30]. - Net derivative gains for the three months ended March 31, 2025, amounted to $311 million, a significant recovery from a loss of $(1,921) million in the same period last year[30].