Press release
Brighthouse Financial Announces Third Quarter 2022 Results
Estimated combined risk-based capital ("RBC") ratio between 450% and 470%; holding company liquid assets of $1.1 billion The company repurchased $447 million
About this update from Brighthouse Financial, Inc.
[{"type":"text","content":"\n\nEstimated combined risk-based capital (\"RBC\") ratio between 450% and 470%; holding company liquid assets of $1.1 billion\n\n\nThe company repurchased $447 million of its common stock year-to-date through November 3, 2022\n\n\nAnnuity sales increased 58% over the third quarter of 2021 and 50% sequentially\n\n\nLife sales decreased 30% over the third quarter of 2021 and were flat sequentially\n\n\nThird quarter 2022 net loss available to shareholders of $702 million, or $9.82 per diluted share\n\n\nThird quarter 2022 adjusted loss, less notable items*, of $3 million, or $0.04 per diluted share\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, 2022.\n\nThird Quarter 2022 Results\n\nThe company reported a net loss available to shareholders of $702 million in the third quarter of 2022, or $9.82 per diluted share, compared with net income available to shareholders of $361 million in the third quarter of 2021. During the quarter, as a result of market performance, the value of our hedges decreased, as expected. Due to being accounted for as insurance liabilities as required under U.S. GAAP accounting, certain corresponding liabilities are less sensitive to market movements and, therefore, did not fully offset the decrease in the value of our hedges.\n\nAdditionally, in the third quarter of 2022, the company completed its annual actuarial review where it reviews its long-term assumptions. As part of this review, the company increased its long-term mean reversion interest rate assumption for the 10-year U.S. Treasury from 3.00% to 3.50%. As a result of the 2022 annual actuarial review, the net favorable impact to net income was $4 million, compared with a net unfavorable impact of $116 million as a result of the 2021 annual actuarial review.\n\nThe company ended the third quarter of 2022 with common stockholders' equity (\"book value\") of $4.1 billion, or $58.73 per common share, and book value, excluding accumulated other comprehensive income (\"AOCI\") of $10.8 billion, or $153.47 per common share.\n\nFor the third quarter of 2022, the company reported adjusted earnings* of $97 million, or $1.35 per diluted share, compared with adjusted earnings of $450 million, or $5.41...