Brighthouse Financial, Inc.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
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Schedule II — Condensed Financial Information (Parent Company Only)
Condensed Financial Information
(In millions, except share and per share data)
| 2025 | 2024 | |
|---|---|---|
| Condensed Balance Sheets | ||
| Assets | ||
| Investments: | ||
| Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $148 and $190, respectively; allowance for credit losses of $0 and $0, respectively) | $148 | $190 |
| Short-term investments, principally at estimated fair value | 521 | 622 |
| Investment in subsidiary | 9,678 | 7,799 |
| Other invested assets, principally at estimated fair value | 2 | 5 |
| Total investments | 10,349 | 8,616 |
| Cash and cash equivalents | 199 | 245 |
| Premiums and other receivables | 206 | 163 |
| Current income tax recoverable | 29 | 42 |
| Other assets | 4 | 4 |
| Total assets | $10,787 | $9,070 |
| Liabilities and Stockholders’ Equity | ||
| Liabilities | ||
| Long-term and short-term debt | $3,580 | $3,716 |
| Deferred income tax liability | 29 | 31 |
| Other liabilities | 410 | 364 |
| Total liabilities | 4,019 | 4,111 |
| 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 stockholders’ equity | 6,768 | 4,959 |
| Total liabilities and stockholders’ equity | $10,787 | $9,070 |
Condensed Financial Information (continued)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Condensed Statements of Operations | |||
| Revenues | |||
| Net investment income | $35 | $54 | $38 |
| Other revenues | 5 | 9 | — |
| Net derivative gains (losses) | (1) | 20 | 10 |
| Total revenues | 39 | 83 | 48 |
| Expenses | |||
| Other expenses | 222 | 207 | 192 |
| Total expenses | 222 | 207 | 192 |
| Income (loss) before provision for income tax and equity in earnings (losses) of subsidiaries | (183) | (124) | (144) |
| Provision for income tax expense (benefit) | (32) | (26) | (30) |
| Income (loss) before equity in earnings (losses) of subsidiaries | (151) | (98) | (114) |
| Equity in earnings (losses) of subsidiaries | 584 | 486 | (998) |
| Net income (loss) | 433 | 388 | (1,112) |
| Less: Preferred stock dividends | 102 | 102 | 102 |
| Net income (loss) available to common shareholders | $331 | $286 | $(1,214) |
| Comprehensive income (loss) | $1,982 | $356 | $(252) |
Condensed Financial Information (continued)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Condensed Statements of Cash Flows | |||
| Cash flows from operating activities | |||
| Net income (loss) | $433 | $388 | $(1,112) |
| Equity in (earnings) losses of subsidiaries | (584) | (486) | 998 |
| Distributions from subsidiary | — | — | 350 |
| Other, net | 49 | 50 | (24) |
| Net cash provided by (used in) operating activities | (102) | (48) | 212 |
| Cash flows from investing activities | |||
| Sales, maturities and repayments of fixed maturity securities | 222 | 104 | — |
| Purchases of fixed maturity securities | (183) | (180) | (106) |
| Cash received in connection with freestanding derivatives | 14 | 15 | 30 |
| Cash paid in connection with freestanding derivatives | (6) | (9) | (6) |
| Net change in short-term investments | 117 | (30) | 211 |
| Net cash provided by (used in) investing activities | 164 | (100) | 129 |
| Cash flows from financing activities | |||
| Net change in payables for collateral under securities loaned and other transactions | (4) | 6 | — |
| Long-term and short-term debt issued | 724 | 570 | 753 |
| Long-term and short-term debt repaid | (610) | (339) | (439) |
| Dividends on preferred stock | (102) | (102) | (102) |
| Treasury stock acquired in connection with share repurchases | (102) | (250) | (250) |
| Financing element on certain derivative instruments and other derivative related transactions, net | — | 8 | (1) |
| Other, net | (14) | (12) | (14) |
| Net cash provided by (used in) financing activities | (108) | (119) | (53) |
| Change in cash and cash equivalents | (46) | (267) | 288 |
| Cash and cash equivalents, beginning of year | 245 | 512 | 224 |
| Cash and cash equivalents, end of year | $199 | $245 | $512 |
| Supplemental disclosures of cash flow information | |||
| Net cash paid (received) for: | |||
| Interest | $169 | $191 | $176 |
| Income tax | $(42) | $(79) | $(6) |
Notes to the Condensed Financial Information
- Basis of Presentation
The condensed financial information of Brighthouse Financial, Inc. (the “Parent Company” or “BHF”) should be read in conjunction with the consolidated financial statements of Brighthouse Financial, Inc. and its subsidiaries and the notes thereto (the “Consolidated Financial Statements”). These condensed unconsolidated financial statements reflect the results of operations, financial position and cash flows for Brighthouse Financial, Inc. Investments in subsidiaries are accounted for using the equity method of accounting.
The preparation of these condensed unconsolidated financial statements in conformity with GAAP requires management to adopt accounting policies and make certain estimates and assumptions. The most important of these estimates and assumptions relate to the fair value measurements, identifiable intangible assets and the provision for potential losses that may arise from litigation and regulatory proceedings and tax audits, which may affect the amounts reported in the condensed unconsolidated financial statements and accompanying notes. Actual results could differ from these estimates.
- Investment in Subsidiary
During the year ended December 31, 2025, (i) BHF received non-cash distributions of $250 million from Brighthouse Holdings, LLC (“BH Holdings”) and did not make any capital contributions to BH Holdings; and (ii) BH Holdings received non-cash distributions of $100 million from Brighthouse Services, LLC, each of which related to reductions of short-term intercompany loans.
During the year ended December 31, 2024, (i) BHF received non-cash distributions of $376 million from BH Holdings and did not make any capital contributions to BH Holdings; and (ii) BH Holdings received non-cash distributions of $400 million from Brighthouse Services, LLC, each of which related to reductions of short-term intercompany loans.
During the year ended December 31, 2023, BHF received cash distributions of $350 million, primarily related to $266 million of ordinary cash dividends paid by Brighthouse Life Insurance Company to BH Holdings, and did not make any capital contributions to BH Holdings. In addition, (i) BHF received non-cash distributions of $100 million from BH Holdings; and (ii) BH Holdings received non-cash distributions of $50 million from Brighthouse Services, LLC, each of which related to reductions of short-term intercompany loans.
- Long-term and Short-term Debt
Long-term and short-term debt outstanding was as follows at:
| December 31, | ||||
|---|---|---|---|---|
| Stated Interest Rate | Maturity | 2025 | 2024 | |
| (In millions) | ||||
| Senior notes — unaffiliated | 3.700% | 2027 | $757 | $756 |
| Senior notes — unaffiliated | 5.625% | 2030 | 615 | 615 |
| Senior notes — unaffiliated | 4.700% | 2047 | 1,002 | 1,002 |
| Senior notes — unaffiliated | 3.850% | 2051 | 397 | 397 |
| Junior subordinated debentures — unaffiliated | 6.250% | 2058 | 364 | 364 |
| Total long-term debt (1) | 3,135 | 3,134 | ||
| Short-term intercompany loans | 445 | 582 | ||
| Total long-term and short-term debt (1) | $3,580 | $3,716 | ||
(1)Includes unamortized debt issuance costs, discounts and premiums, as applicable, totaling net $26 million and $27 million for the senior notes and junior subordinated debentures on a combined basis at December 31, 2025 and 2024, respectively.
Notes to the Condensed Financial Information (continued)
The aggregate maturities of long-term and short-term debt at December 31, 2025 were $445 million in 2026, $757 million in 2027, $0 in each of 2028 and 2029, $615 million in 2030, and $1.8 billion thereafter.
Interest expense related to long-term and short-term debt of $171 million, $192 million and $178 million for the years ended December 31, 2025, 2024 and 2023, respectively, is included in other expenses.
Senior Notes and Junior Subordinated Debentures
See Note 11 of the Notes to the Consolidated Financial Statements for information regarding the unaffiliated senior notes and junior subordinated debentures.
Credit Facilities
See Note 11 of the Notes to the Consolidated Financial Statements for information regarding BHF’s credit facilities.
Short-term Intercompany Loans
BHF, as borrower, has a short-term intercompany loan agreement with certain of its non-insurance subsidiaries, as lenders, for the purposes of facilitating the management of the available cash of the borrower and the lenders on a short-term and consolidated basis. Such intercompany loan agreement allows management to optimize the efficient use of and maximize the yield on cash between BHF and its subsidiary lenders. Each loan entered into under this intercompany loan agreement has a term not more than 364 days and bears interest on the unpaid principal amount at a variable rate, payable monthly. During the years ended December 31, 2025, 2024 and 2023, BHF borrowed $724 million, $570 million and $753 million, respectively, from certain of its non-insurance subsidiaries and repaid $610 million, $339 million and $439 million of such borrowings during the years ended December 31, 2025, 2024 and 2023, respectively. The weighted average interest rate on short-term intercompany loans outstanding at December 31, 2025, 2024 and 2023 was 3.04%,3.73% and 4.73%, respectively.
Intercompany Liquidity Facilities
BHF has established intercompany liquidity facilities with certain of its insurance and non-insurance subsidiaries to provide short-term liquidity within and across the combined group of companies. Under these facilities, which are comprised of a series of revolving loan agreements among BHF and its participating subsidiaries, each company may lend to or borrow from each other, subject to certain maximum limits for a term of up to 364 days, depending on the agreement. During the years ended December 31, 2025, 2024 and 2023, there wereno borrowings or repayments by BHF under these facilities.
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