Brighthouse Financial Inc
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 28, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Annual Actuarial Review
We typically conduct our AAR in the third quarter of each year. As part of the 2024 AAR, for our ULSG business, we increased the long-term general account earned rate, driven by an increase in the mean reversion rate, from 3.75% to 4.00%. Also, with respect to our ULSG business, we updated assumptions regarding policyholder behavior, including mortality, premium persistency, lapses and withdrawals. For our variable annuity business, we updated our annuitization, mortality, lapses and withdrawals, as well as separate account assumptions, including fund fees and allocations. For term participating and non-participating whole life insurance, we updated assumptions regarding mortality and lapses.
As part of the 2023 AAR, for our ULSG business, we increased the long-term general account earned rate, driven by an increase in the mean reversion rate, from 3.50% to 3.75%. Also, with respect to our ULSG business, we updated assumptions regarding policyholder behavior, including mortality, premium persistency, lapses, withdrawals and maintenance expenses. For our variable annuity business, we updated our annuitization, mortality, lapses and withdrawals, as well as separate account assumptions, including fund fees, allocations and volatility. For term participating and non-participating whole life insurance, we updated assumptions regarding mortality and lapses.
The impact on income (loss) available to shareholders before provision for income tax was as follows:
| Years Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (In millions) | ||
| Market risk benefits | $42 | $(251) |
| Embedded derivatives | 69 | — |
| Total market risk benefits and embedded derivatives | 111 | (251) |
| Included in pre-tax adjusted earnings (loss): | ||
| Other annuity business | 26 | 15 |
| Life business | (83) | (90) |
| Run-off | 359 | 119 |
| Total included in pre-tax adjusted earnings (loss) | 302 | 44 |
| Total impact on income (loss) available to shareholders before provision for income tax | $413 | $(207) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.