Brighthouse Financial Inc
For the period ended Mar 31, 2025. Filed May 9, 2025.
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Mar 31, 2025 · Filed May 9, 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 “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Executive Summary” included in our 2024 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:
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2025 | 2024 | |
| (In millions) | ||
| Income (loss) available to shareholders before provision for income tax | $(382) | $(642) |
| Less: Provision for income tax expense (benefit) | (88) | (123) |
| Net income (loss) available to shareholders (1) | $(294) | $(519) |
| Pre-tax adjusted earnings (loss), less net income (loss) attributable to noncontrolling interests and preferred stock dividends (1) | $287 | $(110) |
| Less: Provision for income tax expense (benefit) | 52 | (12) |
| Adjusted earnings (loss) (1) | $235 | $(98) |
(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 March 31, 2025, we had net loss available to shareholders of $294 million and adjusted earnings of $235 million compared to net loss available to shareholders of $519 million and an adjusted loss of $98 million for the three months ended March 31, 2024. Net loss available to shareholders for the three months ended March 31, 2025 primarily reflects net unfavorable changes in the estimated fair value of our variable annuity guaranteed benefit riders due to market factors, net investment losses on mortgage loans and net investment losses on sales of fixed maturity securities. These unfavorable impacts were partially offset by favorable pre-tax adjusted earnings and a favorable change in the estimated fair value of freestanding interest rate derivatives we use to hedge our universal life with secondary guarantees (“ULSG”) business resulting from decreasing long-term interest rates.
See “— Non-GAAP Financial Disclosures.” See “— Results of Operations” for a detailed discussion of our results.
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