Brighthouse Financial Inc
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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Executive Summary
We are one of the largest providers of annuity and life insurance products in the U.S. through multiple independent distribution channels and marketing arrangements with a diverse network of distribution partners. We are organized into the following reportable segments: Annuities; Life; Run-off; and Corporate & Other. See “Business — Segment Information” and Note 2 of the Notes to the Consolidated Financial Statements for further information regarding our segments.
Net income (loss) available to shareholders and adjusted earnings (loss), a non-GAAP financial measure, were as follows:
| Years Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| (In millions) | ||
| Income (loss) available to shareholders before provision for income tax | $315 | $(1,581) |
| Less: Provision for income tax expense (benefit) | 29 | (367) |
| Net income (loss) available to shareholders (1) | $286 | $(1,214) |
| Pre-tax adjusted earnings (loss), less net income (loss) attributable to noncontrolling interests and preferred stock dividends (1) | $1,623 | $1,182 |
| Less: Provision for income tax expense (benefit) | 304 | 213 |
| Adjusted earnings (loss) (1) | $1,319 | $969 |
(1)We use the term “net income (loss) available to shareholders” to refer to “net income (loss) available to Brighthouse Financial, Inc.’s common shareholders” and “adjusted loss” to refer to negative adjusted earnings values throughout the results of operations discussions.
For the year ended December 31, 2024, we had net income available to shareholders of $286 million and adjusted earnings of $1.3 billion compared to net loss available to shareholders of $1.2 billion and adjusted earnings of $969 million for the year ended December 31, 2023. Net income available to shareholders for the year ended December 31, 2024 primarily reflects favorable pre-tax adjusted earnings, net of an unfavorable impact due to a reinsurance premium rate increase retroactive to September 2019, which resulted from the conclusion of a reinsurance arbitration, and the related impacts. Favorable pre-tax adjusted earnings was partially offset by an unfavorable change in the estimated fair value of freestanding interest rate derivatives we use to hedge our ULSG business resulting from increasing long-term interest rates, net unfavorable changes in the estimated fair value of our variable annuity guaranteed benefit riders due to market factors, net investment losses on sales of fixed maturity securities, and net investment losses on mortgage loans.
See “— Non-GAAP Financial Disclosures.” See “— Results of Operations” for a detailed discussion of our results.
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