BRIGHTHOUSE FINA(BHFAP) - 2025 Q1 - Quarterly Results

Financial 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 increased to $2,390 million, compared to $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] - The company reported a net income of $400 million for the three months ended March 31, 2025, compared to a net loss of $18 million in the same period last year[34] - Total revenues for the three months ended March 31, 2025, reached $4,800 million, a significant increase from $2,229 million in the same period last year, representing a growth of 115.4%[34] Capital and Assets - Combined total adjusted capital as of March 31, 2025, was $5,500 million, compared to $5,373 million as of December 31, 2024[9] - Total assets decreased to $234,681 million as of March 31, 2025, from $238,537 million as of December 31, 2024[14] - The total capital and surplus as of March 31, 2025, was $4,100 million, an increase 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] Liabilities and Expenses - Total liabilities decreased to $229,377 million as of March 31, 2025, from $233,513 million as of December 31, 2024[14] - The company reported total corporate expenses of $239 million for Q1 2025, an increase 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] 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%, consistent with the yield reported in the same period last year[33] Risk and Capital Ratios - The combined risk-based capital ratio was reported at 420%-440% for Q1 2025, up from 402% in Q4 2024[9] - The combined risk-based capital ratio improved to a preliminary range of 420%-440% as of March 31, 2025, compared to 415%-435% in the same period last year[38] - The risk-based capital ratio is used to measure the company's capital relative to its size and risk profile, ensuring compliance with regulatory capital requirements[72] Segment Performance - Adjusted earnings for the Life segment in Q1 2025 were $9 million, recovering from a loss of $36 million in Q1 2024[22] - Policyholder benefits and claims in the Life segment increased to $187 million in Q1 2025 from $150 million in Q1 2024, a 24.7% rise[22] - Premiums in the Annuities segment decreased to $65 million in Q1 2025 from $83 million in Q1 2024, reflecting a 21.7% decline[17] - 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] Notable Items and Adjustments - The company experienced a total notable item impact of $10 million for the three months ended March 31, 2025, compared to $366 million in the same period last year[31] - Adjusted earnings (loss) for Corporate & Other segment were $(24) million for the three months ended March 31, 2025, compared to a loss of $(34) million in the same period last year, showing improvement[27] - Adjusted earnings reflect revenues less adjusted expenses, provision for income tax, net income attributable to noncontrolling interests, and preferred stock dividends[50] Forward-Looking Statements - Brighthouse Financial's forward-looking statements are subject to various risks and uncertainties that could materially affect actual results[42] - The company emphasizes the importance of non-GAAP financial measures to enhance understanding of performance, including adjusted earnings and adjusted return on common equity[45][55]