Brighthouse Financial, Inc. · NASDAQ:BHF
Brighthouse Financial — Q1 2021 Earnings Presentation
15 slides from Brighthouse Financial's earnings presentation, 2021
Slide 1: First Quarter 2021 Earnings Call Presentation
Brighthouse Financial, Inc. First Quarter 2021 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(1) • Estimated combined risk-based capital (RBC) ratio(2) between 500% and 520%; holding company liquid assets of $1.6 billion • Statutory combined total adjusted capital (TAC)(2) $9.4 billion • 1Q 2021 normalized statutory earnings(2) of $0.1 billion
Slide 4: Net income (loss) available to shareholders; adjusted earnings; adjusted items
Net income (loss) available to shareholders; adjusted earnings; adjusted earnings, less notable items For the Three Months Ended March 31, December 31, March 31, 2021 2020 2020 ($ in millions, except per share) Total Per share (1) Total Per share (1) Total Per share (1) Net income (loss) available t
Slide 5: Annuities
Annuities Adjusted earnings, less notable items(1) Highlights ($ in millions) • 8% increase in sales versus 1Q 2020 • On a quarter-over-quarter basis, results reflect: ◦ Higher net investment income, higher fees and lower reserves $336 ◦ Partially offset by higher deferred acquisition $316 costs ("D
Slide 6: Life insurance
Life insurance Adjusted earnings, less notable items(1) Highlights ($ in millions) • 44% increase in sales versus 1Q 2020 • On a quarter-over-quarter basis, results reflect: ◦ Higher net investment income ◦ Partially offset by a lower underwriting margin • On a sequential basis, results reflect: ◦ H
Slide 7: Run-off segment and Corporate & Other
Run-off segment and Corporate & Other Run-off Adjusted earnings, less notable items(1) Highlights ($ in millions) • On a quarter-over-quarter basis, results reflect: ◦ Higher net investment income $105 • On a sequential basis, results reflect: • Higher net investment income and a higher $25 underwri
Slide 8: Robust capital and liquidity position
Robust capital and liquidity position Capital position as of March 31, 2021 • TAC(1) increased to $9.4 billion • Estimated combined RBC ratio(1) between 500% and 520% Common stock repurchases Holding company liquid assets ($ in millions) ($ in billions) $180 $1.7 $1.6 $1.3 $1.3 $97 $68 $54 1Q21 4Q20
Slide 9: Appendix
Appendix 9
Slide 10: Non-GAAP and Other Financial Disclosures
Non-GAAP and Other Financial Disclosures Our definitions of the non-GAAP and other financial measures may differ from those used by other companies. Non-GAAP Financial Disclosures We present certain measures of our performance that are not calculated in accordance with GAAP. We believe that these no
Slide 11: Non-GAAP and Other Financial Disclosures (Cont.)
Non-GAAP and Other Financial Disclosures (Cont.) Adjusted earnings reflects adjusted revenues less adjusted expenses, both net of income tax, and excludes net income (loss) attributable to noncontrolling interests and preferred stock dividends. Provided below are the adjustments to GAAP revenues and
Slide 12: Non-GAAP and Other Financial Disclosures (Cont.)
Non-GAAP and Other Financial Disclosures (Cont.) Adjusted Net Investment Income We present adjusted net investment income to measure our performance for management purposes, and we believe it enhances the understanding of our investment portfolio results. Adjusted net investment income represents ne
Slide 13: Non-GAAP and Other Financial Disclosures (Cont.)
Non-GAAP and Other Financial Disclosures (Cont.) Other Financial Disclosures (cont.) Total Adjusted Capital Total adjusted capital primarily consists of statutory capital and surplus, as well as the statutory asset valuation reserve. When referred to as “combined,” represents that of our insurance s
Slide 14: Adjusted earnings by segment and Corporate & Other, less notable items
Adjusted earnings by segment and Corporate & Other, less notable items For the Three Months Ended March 31, December 31, March 31, ($ in millions, post-tax) 2021 2020 2020 Annuities $336 $293 $316 Life $42 $13 $11 Run-off $76 $25 $(70) Corporate & Other $(69) $(142) $(46) Adjusted earnings(1) $385 $
Slide 15: Reconciliation of net income (loss) available to shareholders to adjusted 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 March 31, December 31, March 31, ($ in millions
Brighthouse Financial — Q1 2021 Earnings Presentation on 6ix