Press release
Brighthouse Financial Announces Second Quarter 2020 Results
Second quarter 2020 net loss available to shareholders of $1,998 million, or $21.10 per diluted share, driven primarily by net derivative mark-to-market
About this update from Brighthouse Financial, Inc.
[{"type":"text","content":"\n\nSecond quarter 2020 net loss available to shareholders of $1,998 million, or $21.10 per diluted share, driven primarily by net derivative mark-to-market losses\n\n\n\n\nSecond quarter 2020 adjusted earnings, less notable items*, of $39 million, or $0.41 per diluted share\n\n\n\n\nAnnuity sales decreased 3 percent and life sales increased 200 percent compared with the second quarter of 2019\n\n\n\n\nEstimated combined risk-based capital (\"RBC\") ratio remained between 515 and 535 percent, consistent with the first quarter\n\n\n\n\n$500 million subsidiary ordinary dividend paid to the holding company in the second quarter of 2020; $800 million subsidiary ordinary dividend paid year-to-date\n\n\n\n\n$180 million of common stock repurchased in the second quarter of 2020; the temporary suspension of repurchases remains in effect while the company continues to assess market conditions and other factors\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 second quarter ended June 30, 2020.\n\n\nSecond Quarter 2020 Results\nThe company reported a net loss available to shareholders of $1,998 million in the second quarter of 2020, or $21.10 per diluted share, compared with net income available to shareholders of $377 million in the second quarter of 2019. During the quarter, as a result of significantly higher equity markets, the value of our hedges, which the company uses to protect its balance sheet against adverse market conditions, decreased, as expected. The corresponding liabilities are not reflected at fair value under U.S. GAAP accounting and are, therefore, less sensitive to market movements. The company ended the second quarter of 2020 with common stockholders' equity (\"book value\") of $20.1 billion, or $216.25 per common share, and book value, excluding accumulated other comprehensive income (\"AOCI\") of $15.1 billion, or $162.85 per common share.\n\n\nFor the second quarter of 2020, the company reported adjusted earnings* of $11 million, or $0.11 per diluted share, compared with adjusted earnings of $254 million, or $2.19 per diluted share, in the second quarter of 2019, primarily driven by lower alternative investment income.\n\n\nAdjusted earnings for the quarter reflected a $28 million after t...