Brighthouse Financial, Inc. · NASDAQ:BHF
Brighthouse Financial — Investor Presentation (March 2022)
7 slides from Brighthouse Financial's investor presentation, Mar 29, 2022
Slide 1: Brighthouse Financial Projected Distributable Earnings Scenarios
Brighthouse Financial Projected Distributable Earnings Scenarios March 29, 2022 Note: All references to “distributable earnings” within this document are projected. Actual results may differ. See “Note regarding forward-looking statements” on slide 2 for additional information.
Slide 2: Note regarding forward-looking statements
Note regarding forward-looking statements This presentation and other oral or written statements that we make from time to time contains information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-look
Slide 3: Key takeaways
Key takeaways 3 Increase in total variable annuity (VA) and Shield distributable earnings (DE) relative to scenarios published on March 16, 2021 Favorable equity markets and higher interest rates drove meaningful total VA and Shield capital generation in 2021 Substantial business mix shift con
Slide 4: Total distributable earnings for Base Case, Upside, Lower SA Return, Equity & Rate Shock
Total distributable earnings for VA and Shield in-force book Base Case Upside Lower SA Return Lower SA Return/Rates Equity & Rate Shock Assumptions as of December 31, 2021 Separate Account (SA) Return 6.5% 9.0% 4.0% 4.0% (25)% shock to equities, then 6.5% SA return 10-year U.S. Treasury Mean reversi
Slide 5: 2021 DE materially better than projections published last year
2021 DE materially better than projections published last year 5 Scenario 2021 Actuals + Current DE projections DE published March 16, 2021 Base Case 2.9 2.3 Lower SA Return/Rates 1.4 0.5 Comparison of cumulative five-year VA and Shield DE, 2021 – 2025 $ in billions Note: See slide 4 for scenario as
Slide 6: Business mix shift drives increase in franchise value
Business mix shift drives increase in franchise value 6 42% 28% 17% 10% 3% 2021 30% 19% 37% 9% 5% VA Capital IntensiveVA Non-Capital Intensive Shield Fixed & Income FIA 2016 Annuity account value by product type 2025E 49% 36% 2% 13% Higher cash flow generating, less capital-intensive business
Slide 7: Significant long-term total company distributable earnings
Significant long-term total company distributable earnings 7 Total company distributable earnings(1), cumulative 2022 - 2031 $ in billions VA and Shield in-force(2) Non-VA & new business Base Case Lower SA Return/Rates ~30% ~70% ~65% ~35% $8 – $10 $4 – $5 Significant distributable earnings even in p
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