Press release
Brighthouse Financial Announces First Quarter 2023 Results
Estimated combined risk-based capital ("RBC") ratio between 460% and 480%; holding company liquid assets of $1.1 billion The company repurchased
About this update from Brighthouse Financial, Inc.
[{"type":"text","content":"\n\nEstimated combined risk-based capital (\"RBC\") ratio between 460% and 480%; holding company liquid assets of $1.1 billion\n\n\n\nThe company repurchased approximately $89 million of its common stock year-to-date through May 5, 2023\n\n\n\nAnnuity sales increased 35% over the first quarter of 2022\n\n\n\nLife sales increased 15% over the first quarter of 2022\n\n\n\nFirst quarter 2023 net loss available to shareholders of $525 million, or $7.72 per diluted share\n\n\n\nFirst quarter 2023 adjusted earnings* of $195 million, or $2.86 per diluted share\n\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, 2023.\n\n\nFirst Quarter 2023 Results\n\n\nThe company reported a net loss available to shareholders of $525 million in the first quarter of 2023, or $7.72 per diluted share, compared with net income available to shareholders of $1,558 million in the first quarter of 2022. During the quarter, as a result of market performance, the value of our hedges decreased, as expected. Under GAAP accounting, all VA liabilities classified as market risk benefits are accounted for on a fair value basis. We anticipate volatility in net income (loss) given the differences between these GAAP liabilities and our hedge target, which remains unchanged following the adoption of LDTI.\n\n\nThe company ended the first quarter of 2023 with common stockholders' equity (\"book value\") of $4.1 billion, or $60.16 per common share, and book value, excluding accumulated other comprehensive income (\"AOCI\") of $9.3 billion, or $138.62 per common share.\n\n\nFor the first quarter of 2023, the company reported adjusted earnings* of $195 million, or $2.86 per diluted share, compared with adjusted earnings of $380 million, or $4.91 per diluted share, in the first quarter of 2022. There were no notable items in the current quarter.\n\n\n\n_________________\n\n\n\n* Information regarding the non-GAAP and other financial measures included in this news release and a reconciliation of such non-GAAP financial measures to the most directly comparable GAAP measures are provided in the Non-GAAP and Other Financial Disclosures discussion below, as well as in the tables that accompany this news release and/or the Firs...