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 June 30, 2026, we had net income available to shareholders of $956 million and adjusted earnings of $258 million compared to net income available to shareholders of $60 million and adjusted earnings of $198 million for the three months ended June 30, 2025. Net income available to shareholders for the three months ended June 30, 2026 primarily reflects net favorable changes in our variable annuity and Shield hedges, as well as the estimated fair value of variable annuity guaranteed benefit riders net of Shield embedded derivatives due to market factors, and favorable pre-tax adjusted earnings.

For the six months ended June 30, 2026, we had net income available to shareholders of $164 million and adjusted earnings of $497 million compared to a net loss available to shareholders of $234 million and adjusted earnings of $433 million for the six months ended June 30, 2025. Net income available to shareholders for the six months ended June 30, 2026 primarily reflects favorable pre-tax adjusted earnings. These favorable impacts were partially offset by unfavorable changes in our Shield embedded derivatives net of variable annuity and Shield hedges, as well as the estimated fair value of our variable annuity guaranteed benefit riders due to market factors, 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.