Brighthouse Financial, Inc.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
BHF$43.99+3.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Balance Sheets
(In millions, except share and per share data)
| 2025 | 2024 | |
|---|---|---|
| Assets | ||
| Investments: | ||
| Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $87,046 and $87,603, respectively; allowance for credit losses of $64 and $81, respectively) | $82,014 | $80,055 |
| Trading securities, at estimated fair value | 506 | — |
| Equity securities, at estimated fair value | 79 | 77 |
| Mortgage loans (net of allowance for credit losses of $200 and $178, respectively) | 22,755 | 23,286 |
| Policy loans | 1,450 | 2,024 |
| Limited partnerships and limited liability companies | 4,696 | 4,827 |
| Short-term investments, principally at estimated fair value | 1,197 | 1,868 |
| Other invested assets, principally at estimated fair value (net of allowance for credit losses of $0 and $0, respectively) | 7,932 | 5,250 |
| Total investments | 120,629 | 117,387 |
| Cash and cash equivalents | 5,387 | 5,045 |
| Accrued investment income | 1,260 | 1,277 |
| Premiums, reinsurance and other receivables (net of allowance for credit losses of $3 and $3, respectively) | 21,579 | 21,126 |
| Deferred policy acquisition costs and value of business acquired | 4,567 | 4,710 |
| Current income tax recoverable | 16 | 19 |
| Deferred income tax asset | 1,442 | 1,875 |
| Market risk benefit assets | 1,060 | 1,092 |
| Other assets | 332 | 370 |
| Separate account assets | 85,528 | 85,636 |
| Total assets | $241,800 | $238,537 |
| Liabilities and Equity | ||
| Liabilities | ||
| Future policy benefits | $32,025 | $31,475 |
| Policyholder account balances | 87,952 | 87,989 |
| Market risk benefit liabilities | 8,063 | 8,329 |
| Other policy-related balances | 3,893 | 3,878 |
| Payables for collateral under securities loaned and other transactions | 4,705 | 3,891 |
| Long-term debt | 3,155 | 3,155 |
| Other liabilities | 9,646 | 9,160 |
| Separate account liabilities | 85,528 | 85,636 |
| Total liabilities | 234,967 | 233,513 |
| Contingencies, Commitments and Guarantees (Note 17) | ||
| Equity | ||
| Brighthouse Financial, Inc.’s stockholders’ equity: | ||
| Preferred stock, par value $0.01 per share; $1,753 aggregate liquidation preference | — | — |
| Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 124,081,967 and 123,480,326 shares issued, respectively; 57,171,217 and 58,629,049 shares outstanding, respectively | 1 | 1 |
| Additional paid-in capital | 13,870 | 13,927 |
| Retained earnings (deficit) | (686) | (1,119) |
| Treasury stock, at cost; 66,910,750 and 64,851,277 shares, respectively | (2,688) | (2,572) |
| Accumulated other comprehensive income (loss) | (3,729) | (5,278) |
| Total Brighthouse Financial, Inc.’s stockholders’ equity | 6,768 | 4,959 |
| Noncontrolling interests | 65 | 65 |
| Total equity | 6,833 | 5,024 |
| Total liabilities and equity | $241,800 | $238,537 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.