Skip to main content

Brighthouse Financial Inc

For the period ended Dec 31, 2024. Filed Feb 28, 2025.

View on SEC.gov

About 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

BHF$44.40+0.9%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Consolidated Results for the Years Ended - Adjusted Earnings (Loss)

Consolidated Results for the Years Ended December 31, 2024 and 2023 - Adjusted Earnings (Loss)

The components of adjusted earnings were as follows:

Years Ended December 31,
20242023
(In millions)
Fee income$2,695$2,778
Net investment spread3,0002,855
Insurance-related activities(1,420)(1,747)
Amortization of DAC and VOBA(599)(620)
Other expenses(1,946)(1,977)
Less: Net income (loss) attributable to noncontrolling interests and preferred stock dividends107107
Pre-tax adjusted earnings (loss), less net income (loss) attributable to noncontrolling interests and preferred stock dividends1,6231,182
Provision for income tax expense (benefit)304213
Adjusted earnings (loss)$1,319$969

Adjusted earnings were $1.3 billion in the current period, an increase of $350 million.

lower net costs associated with insurance-related activities due to:

a net decrease in liability balances resulting from year-over-year changes made in connection with the AAR in our Run-off and Annuities segments and other refinements;

an increase in liability balances in our Run-off segment resulting from a reinsurance premium rate increase associated with the conclusion of a reinsurance arbitration; and

a decrease in income annuity underwriting margins;

higher average invested assets resulting from positive net flows in the general account;

higher returns on other limited partnerships; and

higher investment yields on our fixed income portfolio, as proceeds from maturing investments and the growth in the investment portfolio were invested at higher yields than the portfolio average;

higher interest credited to policyholders due to higher account balances and current and prior period actuarial modeling improvements, net of changes made in the current period in connection with the AAR in our Annuities segment; and

lower operational expenses;

lower legal reserves; and

lower transition services agreement expenses;

higher asset-based variable annuity expenses resulting from higher average separate account balances, a portion of which is offset in fee income; and

higher variable compensation expenses.

Key net unfavorable impact was:

lower net fee income due to:

higher ceded cost of insurance fees in our Life and Run-off segments related to the conclusion of the aforementioned reinsurance arbitration, as well as the aging in-force business in our Run-off segment;

higher reinsurance fees on our fixed annuity business resulting from higher account balances; and

higher asset-based fees resulting from higher average separate account balances, a portion of which is offset in other expenses.

The provision for income tax, calculated as a percentage of pre-tax adjusted earnings (loss), resulted in an effective tax rate of 18% in the current period compared to 17% in the prior period. Our effective tax rate differs from the statutory tax rate primarily due to the impacts of the dividends received deduction, tax credits and current period non-recurring items.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.