Brighthouse Financial, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No.)

Filed by the Registrant

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Filed by a party other than the Registrant

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Brighthouse Financial, Inc.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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Notice of Annual Meeting of Stockholders

On behalf of the Board of Directors, I am honored to invite you to attend the 2026 Annual Meeting of Stockholders (the “Annual Meeting”) of Brighthouse Financial, Inc. (“Brighthouse Financial” or the “Company”).

Brighthouse Financial® will hold its Annual Meeting solely by means of remote communication via the internet (a “virtual meeting”). All stockholders as of April 6, 2026 (the “Record Date”) will be able to attend, vote, and participate in the meeting by remote communication. For additional information about participating in the Annual Meeting, see “Attending the Annual Meeting” in the accompanying Proxy Statement.

Date and Time

Tuesday, June 2, 2026, at 8:00 a.m., Eastern Time

Meeting Website

www.virtualshareholdermeeting.com/BHF2026

Agenda

At the Annual Meeting, stockholders will consider and vote on the following matters:

Our Board of Directors recommends that you vote “FOR” the election of each of the nominees named in Proposal 1 and “FOR” Proposals 2 and 3. Information about the matters to be acted upon at the Annual Meeting is contained in the accompanying Proxy Statement.

Voting Your Shares

Stockholders of record who hold shares of Brighthouse Financial common stock, par value $0.01 per share (“shares”), as of the close of business on the Record Date are entitled to vote at the Annual Meeting.

You may submit a proxy to vote your shares in advance of the Annual Meeting by any of the following means:

You may also attend and vote at the Annual Meeting.

Beneficial owners whose shares are held at a brokerage firm, or by a bank or other nominee, should follow the voting instructions that they received from the nominee (see information in the Proxy Statement under “Beneficial Owners or Holders in Street Name”). Participants in retirement and savings plans should refer to the voting instructions in the Proxy Statement under “Voting by Participants in Retirement Plan.”

This notice is being delivered to the holders of shares as of the close of business on April 6, 2026, the record date fixed by the Board of Directors for the purposes of determining the Brighthouse Financial stockholders entitled to receive notice of, and to vote at, the Annual Meeting, and constitutes notice of the Annual Meeting under Delaware law.

By Order of the Board of Directors,

Allie Lin

Executive Vice President, General Counsel and Corporate Secretary

Charlotte, North Carolina

April 14, 2026

Important Notice Regarding the Availability of Proxy Materialsfor the Annual Meeting of Stockholders to be Held on June 2, 2026, at 8:00 a.m., Eastern Time The accompanying Proxy Statement, our 2025 Annual Report to Stockholders, and additional information aboutour Annual Meeting are available at http://investor.brighthousefinancial.com by selecting the appropriate link under “Financial Information” or “News & Events.”

Chairman’s Letter to Our Stockholders

Dear Fellow Stockholders:

On behalf of the Board of Directors (the “Board”), I am honored to present the 2026 Proxy Statement of Brighthouse Financial, Inc. (“Brighthouse Financial” or the “Company”) and to invite you to our 2026 Annual Meeting of Stockholders (the “Annual Meeting”).

This year’s Annual Meeting follows the announcement of our entry on November 6, 2025 into an Agreement and Plan of Merger (the “Merger Agreement”) under which an affiliate of Aquarian Capital LLC (with its affiliates, “Aquarian”) will acquire Brighthouse Financial for $70.00 per common share in cash (the “Merger”). The Merger Agreement was adopted by Brighthouse Financial stockholders at a special meeting held on February 12, 2026. The Merger is expected to close in 2026 and is subject to customary closing conditions, including receipt of insurance regulatory approvals. At the closing of the Merger, the Company will become a wholly-owned subsidiary of Aquarian.(1)As a Board, our focus has always been to help management grow the long-term value of the Company for our stockholders, and we are excited for this new chapter for the Company, as it continues its mission to help people achieve financial security.

Exploration of a sale. A significant focus of the Board’s work in 2025 was our oversight of a process to explore a potential sale of the Company. The Board and management regularly review the Company’s strategy and financial performance, and over the course of 2024, the Board discussed with management a number of potential strategic alternatives to enhance stockholder value, which included a sale of the Company. We are proud that, after a comprehensive and rigorous process, aided by outside legal and financial advisors, the Board unanimously approved the Company’s entry into the Merger Agreement. At a special meeting held on February 12, 2026, stockholders adopted the Merger Agreement.

Oversight of strategy and risk. While we were engaged in the exploration of a sale of the Company, we remained diligent in the oversight of the Company’s strategy. As we do every year, we discussed with management the Company’s strategic plan, risks and opportunities, including financial strategy and initiatives to protect and grow the Company’s capital; investments strategy; the competitive landscape; product and distribution strategy; human capital matters; as well as operations and technology. For more information on the Board’s oversight of the Company, see “Board Oversight of Strategy” and “Risk Oversight” in this Proxy Statement. In 2025, despite economic uncertainty, the Company continued to execute its growth strategy and achieved strong results, including ayear-end combined risk-based capital ratio of 456%; annuity and life sales that exceeded 2024 results; and corporate expenses (excluding expenses related to the pending acquisition) that were better than plan.

Looking ahead. Since the announcement of the signing of the Merger Agreement, the Board has maintained a dual focus – continuing to support the Company’s activities in anticipation of the closing of the Merger while also maintaining oversight of the Company’s ongoing operations and monitoring risk. As we prepare for the anticipated closing of the Merger in 2026, the Board expresses its sincere appreciation for your investment, support, and engagement over the years. It has been our privilege to oversee the Company on your behalf.

We encourage you to review the accompanying proxy materials carefully and to vote your shares in accordance with the Board’s recommendations. We look forward to your participation in the Annual Meeting.

Sincerely, Chuck Chaplin Chairman of the Board Brighthouse Financial, Inc. April 14, 2026 (1) For more information about the Merger, see the Company’s definitive proxy statement filed with the U.S. Securities and Exchange Commission on January 7, 2026.

Proxy Statement

The Board of Directors (the “Board” or the “Board of Directors”) of Brighthouse Financial, Inc. (“Brighthouse Financial” or the “Company”) is providing this Proxy Statement in connection with the Annual Meeting of Stockholders to be held on June 2, 2026, at 8:00 a.m., Eastern Time (the “Annual Meeting”) and at any adjournment or postponement thereof. Stockholders holding shares of common stock, par value $0.01 per share, of the Company (“shares”) as of the close of business on April 6, 2026 (the “Record Date”) are entitled to vote at the Annual Meeting. Proxy materials or a Notice of Internet Availability were first made available, sent, or given to the Company’s stockholders on or about April 14, 2026.

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