Slide 1: Brighthouse Financial, Inc. Second Quarter 2025 Earnings Call Presentation
Brighthouse Financial, Inc. Second Quarter 2025 Earnings Call Presentation
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 may contain information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-l
Slide 3: Executive summary
Executive summary Financial results and drivers • Estimated combined risk-based capital (RBC) ratio between 405% and 425%(1) 405%-425% • Holding company liquid assets of $0.9 billion • Statutory combined total adjusted capital (TAC) of $5.6 billion(1) • YTD normalized statutory loss of $0.1 billion(
Slide 4: Net income available to shareholders; adjusted earnings; adjusted earnings, less notable items
Net income available to shareholders; adjusted earnings; adjusted earnings, less notable items For the Three Months Ended June 30, March 31, June 30, 2025 2025 2024 (1) ($ in millions, except per share) Total Per share Total Per share (1) Total Per share (1) Net income (loss) available to $60 $1.02
Slide 5: Annuities
Annuities Adjusted earnings, less notable items(1) Highlights ($ in millions) • Sales increased 8% versus 2Q 2024 • On a quarter-over-quarter basis, results were flat • On a sequential basis, results reflect: ◦ Lower expenses ◦ Partially offset by lower fees $332 $324 $332 Key metrics For the Three
Slide 6: Life insurance
Life insurance Adjusted earnings, less notable items(1) Highlights ($ in millions) • Sales increased 18% versus 2Q 2024 $42 • On a quarter-over-quarter basis, results reflect: ◦ Lower underwriting margin ◦ Lower net investment income • On a sequential basis, results reflect: ◦ Lower underwriting mar
Slide 7: Run-off and Corporate & Other
Run-off and Corporate & Other Run-off Adjusted earnings (loss), less notable items(1) Highlights ($ in millions) • On a quarter-over-quarter basis, results reflect: ◦ Lower net investment income 2Q25 1Q25 2Q24 ◦ Lower underwriting margin ($30) ◦ Partially offset by lower expenses • On a sequential b
Slide 8: Statutory capital and liquidity position
Statutory capital and liquidity position Capital position as of June 30, 2025 • Estimated combined RBC ratio between 405% and 425%,(1) within our target range in normal markets405%-425% • TAC of $5.6 billion(1) Common stock repurchases Holding company liquid assets ($ in millions) ($ in billions) (2
Slide 9: Appendix
Appendix 9
Slide 10: High-quality, well-diversified investment portfolio
High-quality, well-diversified investment portfolio Portfolio composition by asset class(1) Key highlights (1) • $127B in total investments (TI) Policy Loans Equity Securities 1% 0% Short-Term Investments 1% • $87B in fixed maturity securities (FMS) Trading Securities Other Invested Assets 0% ◦ 97%
Slide 11: High-quality commercial mortgage loan portfolio
High-quality commercial mortgage loan portfolio Property Type Diversification Key highlights (1) Hotel 7% • $12.9B, 10% of TI, solid credit metrics ◦ 68% loan-to-value (LTV), 2.2x debt service Retail 13% coverage ratio (DSCR) overall Apartment ◦ Annual revaluations completed in 2024 38% ◦ 78% of por
Slide 12: Non-GAAP and Other Financial Disclosures
Non-GAAP and Other Financial Disclosures Our definitions of non-GAAP and other financial measures may differ from those used by other companies. Non-GAAP Financial Disclosures We present certain measures of our performance that are not calculated in accordance with GAAP. We believe that these non-GA
Slide 13: Non-GAAP and Other Financial Disclosures (Cont.)
Non-GAAP and Other Financial Disclosures (Cont.) Adjusted earnings reflect adjusted revenues less (i) adjusted expenses, (ii) provision for income tax expense (benefit), (iii) net income (loss) attributable to noncontrolling interests and (iv) preferred stock dividends. Provided below are the adjust
Slide 14: Non-GAAP and Other Financial Disclosures (Cont.)
Non-GAAP and Other Financial Disclosures (Cont.) Adjusted Net Investment Income Yield Similar to adjusted net investment income, adjusted net investment income yield is used by management as a performance measure that we believe enhances the understanding of our investment portfolio results. Adjuste
Slide 15: Non-GAAP and Other Financial Disclosures (Cont.)
Non-GAAP and Other Financial Disclosures (Cont.) Other Financial Disclosures (cont.) Holding Company Liquid Assets Holding company liquid assets include liquid assets in Brighthouse Financial, Inc., Brighthouse Holdings, LLC, and Brighthouse Services, LLC. Liquid assets are comprised of cash and cas
Slide 16: Adjusted earnings (loss) by segment, less notable items
Adjusted earnings (loss) by segment, less notable items For the Three Months Ended June 30, March 31, June 30, ($ in millions, post-tax) 2025 2025 2024 Annuities $332 $314 $332 Life $(26) $9 $42 Run-off $(83) $(64) $(30) Corporate & Other $(25) $(24) $2 Adjusted earnings (loss)(1) $198 $235 $346 Not
Slide 17: Reconciliation of net income (loss) available to shareholders to adjusted earnings, less notable items
Reconciliation of net income (loss) available to shareholders to adjusted earnings, less notable items, and net income (loss) available to shareholders per common share to adjusted earnings, less notable items, per common share For the Three Months Ended June 30, March 31, June 30, ($ in millions, e