Brighthouse Financial, Inc.

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 “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Executive Summary” included in our 2025 Annual Report, as well as Note 2 of the Notes to the Interim Condensed 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:

(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 three months ended September 30, 2026, we had net income available to shareholders of $302 million and adjusted earnings of $527 million compared to net income available to shareholders of $453 million and adjusted earnings of $970 million for the three months ended September 30, 2025. Net income available to shareholders for the three months ended September 30, 2026 primarily reflects pre-tax adjusted earnings, partially offset by an unfavorable change in the estimated fair value of freestanding interest rate derivatives we use to hedge our universal life with secondary guarantees (“ULSG”) business, unfavorable changes in our Shield embedded derivatives and variable annuity and Shield hedges, net of the estimated fair value of our variable annuity guaranteed benefit riders due to market factors, and net investment losses on mortgage loans.

For the nine months ended September 30, 2026, we had net income available to shareholders of $466 million and adjusted earnings of $1.0 billion compared to net income available to shareholders of $219 million and adjusted earnings of $1.4 billion for the nine months ended September 30, 2025. Net income available to shareholders for the nine months ended September 30, 2026 primarily reflects pre-tax adjusted earnings, partially offset by unfavorable changes in our Shield embedded derivatives net of the estimated fair value of our variable annuity guaranteed benefit riders, as well as variable annuity and Shield hedges due to market factors, an unfavorable change in the estimated fair value of freestanding interest rate derivatives we use to hedge our ULSG business, 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.