Press release
Brighthouse Financial Announces Fourth Quarter and Full Year 2023 Results
Estimated combined risk-based capital ("RBC") ratio of approximately 420%; holding company liquid assets of $1.3 billion $350 million total subsidiary
About this update from Brighthouse Financial, Inc.
[{"type":"text","content":"\n\nEstimated combined risk-based capital (\"RBC\") ratio of approximately 420%; holding company liquid assets of $1.3 billion\n\n\n\n$350 million total subsidiary dividends paid to the holding company in the fourth quarter of 2023\n\n\n\nThe company repurchased $250 million of its common stock in full year 2023, reducing shares outstanding relative to year-end 2022 by 7%; repurchased an additional approximately $30 million year-to-date through February 9, 2024, resulting in approximately $763 million remaining under its current share repurchase authorizations\n\n\n\nAnnuity sales for full year 2023 of $10.6 billion, driven by strong sales of Shield Level annuities\n\n\n\nLife sales of $102 million for full year 2023\n\n\n\nFourth quarter 2023 net loss available to shareholders of $942 million, or $14.70 per diluted share\n\n\n\nFourth quarter 2023 adjusted earnings, less notable items*, of $189 million, or $2.92 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 fourth quarter and full year ended December 31, 2023.\n\n\nFourth Quarter and Full Year 2023 Results\n\n\nThe company reported a net loss available to shareholders of $942 million in the fourth quarter of 2023, or $14.70 per diluted share, compared with net income available to shareholders of $110 million in the fourth quarter of 2022. During the quarter, as a result of market performance, the value of the company's hedges decreased, as expected. Under GAAP accounting, all variable annuity guaranteed benefits classified as market risk benefits (\"MRBs\") are accounted for on a fair value basis. The company anticipates volatility in net income (loss) given the differences between GAAP MRBs and its hedge target.\n\n\nThe company ended the fourth quarter of 2023 with common stockholders' equity (\"book value\") of $3.2 billion, or $51.08 per common share, and book value, excluding accumulated other comprehensive income (\"AOCI\") of $8.5 billion, or $133.69 per common share.\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 Oth...