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 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:

(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 June 30, 2025, we had net income available to shareholders of $60 million and adjusted earnings of $198 million compared to net income available to shareholders of $9 million and adjusted earnings of $346 million for the three months ended June 30, 2024. Net income available to shareholders for the three months ended June 30, 2025 primarily reflects favorable pre-tax adjusted earnings and net favorable changes in the estimated fair value of our variable annuity guaranteed benefit riders due to market factors. The favorable impacts were 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 resulting from increasing long-term interest rates, the weakening of the U.S. dollar unfavorably impacting foreign currency forwards and swaps, net investment losses on mortgage loans and net investment losses on sales of fixed maturity securities.

For the six months ended June 30, 2025, we had a net loss available to shareholders of $234 million and adjusted earnings of $433 million compared to a net loss available to shareholders of $510 million and adjusted earnings of $248 million for the six months ended June 30, 2024. The net loss available to shareholders for the six months ended June 30, 2025 primarily reflects net unfavorable changes in the estimated fair value of our variable annuity guaranteed benefit riders due to market factors, an unfavorable change in the estimated fair value of freestanding interest rate derivatives we use to hedge our ULSG business, the weakening of the U.S. dollar unfavorably impacting foreign currency forwards and swaps, 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.

See “— Non-GAAP Financial Disclosures.” See “— Results of Operations” for a detailed discussion of our results.