Press release
Brighthouse Financial Announces First Quarter 2020 Results
First quarter 2020 net income available to shareholders of $4,950 million, or $47.11 per diluted share, driven primarily by net derivative mark-to-market
About this update from Brighthouse Financial, Inc.
[{"type":"text","content":"\n\nFirst quarter 2020 net income available to shareholders of $4,950 million, or $47.11 per diluted share, driven primarily by net derivative mark-to-market gains\n\n\nFirst quarter 2020 adjusted earnings, less notable items*, of $273 million, or $2.60 per diluted share\n\n\nAnnuity sales grew 15 percent over the first quarter of 2019\n\n\nEstimated combined risk-based capital (\"RBC\") ratio between 515 and 535 percent\n\n\n$300 million ordinary subsidiary dividend paid to the holding company in the first quarter of 2020; additional $500 million ordinary subsidiary dividend paid in April\n\n\nCompany repurchased approximately $316 million of its common stock year-to-date through May 8, 2020, representing over 12% of shares outstanding relative to year-end 2019; repurchases temporarily suspended while the company continues to evaluate the impacts of the COVID-19 pandemic\n\n\n CHARLOTTE, N.C.--(BUSINESS WIRE)--\nBrighthouse Financial, Inc. (\"Brighthouse Financial\" or the \"company\") (Nasdaq: BHF) announced today its financial results for the first quarter ended March 31, 2020.\n\n\nFirst Quarter 2020 Results\n\n\nThe company reported net income available to shareholders of $4,950 million in the first quarter of 2020, or $47.11 per diluted share, compared with a net loss available to shareholders of $737 million in the first quarter of 2019. During the quarter, as a result of significantly lower equity markets and lower interest rates, the value of our hedges, which the company uses to protect its balance sheet against adverse market conditions, increased, as expected, while corresponding liabilities are not reflected at fair value under U.S. GAAP accounting, and thus are less sensitive to market movements. The company ended the first quarter of 2020 with common stockholders' equity (\"book value\") of $20.0 billion, or $198.62 per common share, and book value, excluding accumulated other comprehensive income (\"AOCI\") of $17.3 billion, or $172.28 per common share.\n\n\nFor the first quarter of 2020, the company reported adjusted earnings* of $211 million, or $2.01 per diluted share.\n\n\nAdjusted earnings for the quarter reflected $62 million after tax of the following unfavorable notable items, or $0.59 per diluted share:\n\n\n\n$48 million unfavorable impact to the Run-off segment related to a reinsurance recapture and a ...