Press release
Brighthouse Financial Announces Second Quarter 2023 Results
Estimated combined risk-based capital ("RBC") ratio between 430% and 450%; holding company liquid assets of $0.9 billion Repurchased approximately $152
About this update from Brighthouse Financial, Inc.
[{"type":"text","content":"\n\nEstimated combined risk-based capital (\"RBC\") ratio between 430% and 450%; holding company liquid assets of $0.9 billion\n\n\n\nRepurchased approximately $152 million of its common stock year-to-date through August 4, 2023\n\n\n\nAnnuity sales increased 16% in the first half of 2023 compared with the same period in 2022\n\n\n\nLife sales increased 23% in the first half of 2023 compared with the same period in 2022\n\n\n\nSecond quarter 2023 net loss available to shareholders of $200 million, or $3.01 per diluted share\n\n\n\nSecond quarter 2023 adjusted earnings* of $271 million, or $4.13 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 second quarter ended June 30, 2023.\n\n\nSecond Quarter 2023 Results\n\n\nThe company reported a net loss available to shareholders of $200 million in the second quarter of 2023, or $3.01 per diluted share, compared with net income available to shareholders of $1,719 million in the second 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. The company anticipates volatility in net income (loss) given the differences between these GAAP liabilities and our hedge target.\n\n\nThe company ended the second quarter of 2023 with common stockholders' equity (\"book value\") of $3.2 billion, or $48.64 per common share, and book value, excluding accumulated other comprehensive income (\"AOCI\") of $9.1 billion, or $137.80 per common share.\n\n\nFor the second quarter of 2023, the company reported adjusted earnings* of $271 million, or $4.13 per diluted share, compared with adjusted earnings of $144 million, or $1.91 per diluted share, in the second 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 relea...