Press release
Brighthouse Financial Announces Second Quarter 2024 Results
Estimated combined risk-based capital ("RBC") ratio between 380% and 400%; holding company liquid assets of $1.2 billion The company repurchased
About this update from Brighthouse Financial, Inc.
[{"type":"text","content":"\n\nEstimated combined risk-based capital (\"RBC\") ratio between 380% and 400%; holding company liquid assets of $1.2 billion\n\n\n\nThe company repurchased approximately $151 million of its common stock year-to-date through August 2, 2024\n\n\n\nTotal annuity sales in the first half of 2024 were consistent with the same period in 2023\n\n\n\nTotal life sales increased 19% in the first half of 2024 compared with the same period in 2023\n\n\n\nSecond quarter 2024 net income available to shareholders of $9 million, or $0.12 per diluted share\n\n\n\nSecond quarter 2024 adjusted earnings* of $346 million, or $5.57 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, 2024.\n\n\nSecond Quarter 2024 Results\n\n\nThe company reported net income available to shareholders of $9 million in the second quarter of 2024, or $0.12 per diluted share, compared with a net loss available to shareholders of $200 million in the second quarter of 2023. 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 second quarter of 2024 with common stockholders' equity (\"book value\") of $2.4 billion, or $39.87 per common share, and book value, excluding accumulated other comprehensive income (\"AOCI\") of $7.9 billion, or $128.36 per common share.\n\n\n\n\n_________\n\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 Second Quarter 2024 Brighthouse Financial, Inc. Financial Supplement and/or the Second Quarter 2024 Brighthouse Financial, Inc. Earnings Call Presentation (which are available on the Brighthouse Financial Investor Relat...