Press release
Brighthouse Financial Announces Third Quarter 2020 Results
Third quarter 2020 net loss available to shareholders of $3,012 million, or $32.49 per diluted share, driven primarily by the impact from the company's
About this update from Brighthouse Financial, Inc.
[{"type":"text","content":"\n\nThird quarter 2020 net loss available to shareholders of $3,012 million, or $32.49 per diluted share, driven primarily by the impact from the company's annual actuarial review and net derivative mark-to-market losses\n\n\nThird quarter 2020 adjusted earnings, less notable items*, of $388 million, or $4.19 per diluted share\n\n\nAnnuity sales increased 29 percent and life sales increased 63 percent compared with the third quarter of 2019\n\n\nEstimated combined risk-based capital (\"RBC\") ratio between 525 and 545 percent\n\n\nThe company resumed repurchases of its common stock on August 24, 2020, and repurchased $432 million of common stock year-to-date through November 4\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 third quarter ended September 30, 2020.\n\nThird Quarter 2020 Results\n\nThe company reported a net loss available to shareholders of $3,012 million in the third quarter of 2020, or $32.49 per diluted share, compared with net income available to shareholders of $676 million in the third quarter of 2019. The company ended the third quarter of 2020 with common stockholders' equity (\"book value\") of $17.5 billion, or $191.58 per common share, and book value, excluding accumulated other comprehensive income (\"AOCI\") of $12.1 billion, or $132.55 per common share.\n\nIn the third quarter of 2020, the company completed its annual actuarial review where it reviews long-term assumptions, including capital market returns and interest rates. In addition to other updates, the company lowered its U.S. GAAP long-term mean reversion interest rate assumption from 3.75 percent to 3.0 percent. The impact to net income from the annual actuarial review was $2,210 million after tax. In addition, 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. Most of the corresponding liabilities are not reflected at fair value under U.S. GAAP accounting and are, therefore, less sensitive to market movements.\n\nFor the third quarter of 2020, the company reported an adjusted loss* of $689 million, or $7.43 per diluted share, compared with an adjusted loss of ...