$BHFAO

Brighthouse Financial, Inc.

CIK:0001685040|SEC Filings

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Premiums	$ 165	$ 166	$ 333	$ 352
Universal life and investment-type product policy fees	570	553	1,103	1,096
Net investment income	1,241	1,285	2,499	2,582
Other revenues	129	143	258	279
Net investment gains (losses)	(6)	(39)	(58)	(122)
Net derivative gains (losses)	(477)	(1,237)	(986)	(926)
Total revenues	1,622	871	3,149	3,261
Expenses
Policyholder benefits and claims (including liability remeasurement gains (losses) of $0, $0, $0 and $0, respectively)	591	711	1,228	1,360
Interest credited to policyholder account balances	531	537	1,024	1,098
Amortization of deferred policy acquisition costs and value of business acquired	157	149	315	297
Change in market risk benefits	(1,370)	(1,101)	(622)	(208)
Other expenses	487	482	964	975
Total expenses	396	778	2,909	3,522
Income (loss) before provision for income tax	1,226	93	240	(261)
Provision for income tax expense (benefit)	245	8	23	(80)
Net income (loss)	981	85	217	(181)
Net income (loss) attributable to noncontrolling interests	0	0	2	2
Net income (loss) attributable to Brighthouse Financial, Inc.	981	85	215	(183)
Preferred stock dividends	25	25	51	51
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders	956	60	164	(234)
Comprehensive income (loss)	1,011	498	(180)	840
Less: Comprehensive income (loss) attributable to noncontrolling interests	0	0	2	2
Comprehensive income (loss) attributable to Brighthouse Financial, Inc.	$ 1,011	$ 498	$ (182)	$ 838
Earnings per common share
Basic	$ 16.62	$ 1.03	$ 2.85	$ (4.06)
Diluted	$ 16.53	$ 1.02	$ 2.84	$ (4.06)

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Statement of Cash Flows [Abstract]
Net cash provided by (used in) operating activities	$ (652)	$ 145
Cash flows from investing activities
Sales, maturities and repayments of fixed maturity securities	7,055	6,202
Sales, maturities and repayments of trading securities	33	6
Sales, maturities and repayments of equity securities	4	30
Sales, maturities and repayments of mortgage loans	1,556	1,129
Sales, maturities and repayments of limited partnerships and limited liability companies	162	196
Purchases of fixed maturity securities	(6,370)	(5,382)
Purchases of trading securities	(128)	(178)
Purchases of equity securities	0	(20)
Purchases of mortgage loans	(1,464)	(896)
Purchases of limited partnerships and limited liability companies	(101)	(118)
Cash received in connection with freestanding derivatives	10,419	5,332
Cash paid in connection with freestanding derivatives	(11,988)	(6,966)
Net change in policy loans	(5)	599
Net change in short-term investments	251	730
Net change in other invested assets	(6)	11
Net cash provided by (used in) investing activities	(582)	675
Cash flows from financing activities
Policyholder account balances: Deposits	14,035	9,834
Policyholder account balances: Withdrawals	(13,216)	(9,980)
Net change in payables for collateral under securities loaned and other transactions	2,076	103
Long-term debt repaid	(1)	(1)
Dividends on preferred stock	(51)	(51)
Treasury stock acquired in connection with share repurchases	0	(102)
Financing element on certain derivative instruments and other derivative related transactions, net	125	(114)
Other, net	(16)	(14)
Net cash provided by (used in) financing activities	2,952	(325)
Change in cash, cash equivalents and restricted cash	1,718	495
Cash, cash equivalents and restricted cash, beginning of period	5,387	5,045
Cash, cash equivalents and restricted cash, end of period	7,105	5,540
Supplemental disclosures of cash flow information
Net cash paid (received) for interest	75	75
Net cash paid (received) for income tax	$ 7	$ 10

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $86,653 and $87,046, respectively; allowance for credit losses of $64 and $64, respectively)	$ 80,823	$ 82,014
Trading securities, at estimated fair value	596	506
Equity securities, at estimated fair value	83	79
Mortgage loans (net of allowance for credit losses of $220 and $200, respectively)	22,607	22,755
Policy loans	1,455	1,450
Limited partnerships and limited liability companies	4,568	4,696
Short-term investments, principally at estimated fair value	960	1,197
Other invested assets, principally at estimated fair value (net of allowance for credit losses of $0 and $0, respectively)	13,940	7,932
Total investments	125,032	120,629
Cash and cash equivalents	7,105	5,387
Accrued investment income	1,235	1,260
Premiums, reinsurance and other receivables (net of allowance for credit losses of $3 and $3, respectively)	20,757	21,579
Deferred policy acquisition costs and value of business acquired	4,487	4,567
Current income tax recoverable	10	16
Deferred income tax asset	1,535	1,442
Market risk benefit assets	1,025	1,060
Other assets	303	332
Separate account assets	85,691	85,528
Total assets	247,180	241,800
Liabilities
Future policy benefits	31,940	32,025
Policyholder account balances	89,076	87,952
Market risk benefit liabilities	7,439	8,063
Other policy-related balances	3,836	3,893
Payables for collateral under securities loaned and other transactions	6,781	4,705
Long-term debt	3,154	3,155
Other liabilities	12,648	9,646
Separate account liabilities	85,691	85,528
Total liabilities	240,565	234,967
Contingencies, Commitments and Guarantees (Note 13)
Brighthouse Financial, Inc.’s stockholders’ equity:
Preferred stock, par value $0.01 per share; $1,753 aggregate liquidation preference	0	0
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 124,637,731 and 124,081,967 shares issued, respectively; 57,508,193 and 57,171,217 shares outstanding, respectively	1	1
Additional paid-in capital	13,847	13,870
Retained earnings (deficit)	(471)	(686)
Treasury stock, at cost; 67,129,538 and 66,910,750 shares, respectively	(2,701)	(2,688)
Accumulated other comprehensive income (loss)	(4,126)	(3,729)
Total Brighthouse Financial, Inc.’s stockholders’ equity	6,550	6,768
Noncontrolling interests	65	65
Total equity	6,615	6,833
Total liabilities and equity	$ 247,180	$ 241,800