BHF on Nasdaq

Brighthouse Financial

Logo: Brighthouse Financial, Inc., Public domain, via Wikimedia Commons⁴

American financial services company

Brighthouse Financial, Inc. is an American insurance company, headquartered in Charlotte, North Carolina, that sells annuity and life insurance.³ From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

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TickerBHF on Nasdaq¹
Industryinsurance¹
HeadquartersDE¹
Websitewww.brighthousefinancial.com
Legal formDelaware corporation¹
Incorporated inDE⁵
Business address11225 N Community House Road, Charlotte, Nc 28277⁵
Filer categoryLarge accelerated filer⁵

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Brighthouse Financial, Inc. is an American insurance company, headquartered in Charlotte, North Carolina, that sells annuity and life insurance. As of March 2018, Brighthouse was one of the largest providers of annuities and life insurance in the United States, with $219 billion in total assets and around 2.6 million insurance policies and annuity contracts in-force.³

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

6.4%Net margin⁷

43.2%Revenue growth, 2025⁷

6.4%Return on equity⁷

0.47×Debt to equity⁷

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Annuities brought in 54% of the revenue Brighthouse Financial broke down this way in fiscal 2025.

Annuities$3.6B⁷54%up 88% from 2024
Run-off$1.3B⁷19%up 28% from 2024
Life$1.1B⁷17%up 3% from 2024
Corporate Segment and Other Operating$705.0M⁷10%up 3% from 2024

Business segments by year

Business segments	2023	2024	2025
Annuities	$944.0M	$1.9B	$3.6B
Run-off	$1.4B	$996.0M	$1.3B
Life	$1.2B	$1.1B	$1.1B
Corporate Segment and Other Operating	$569.0M	$683.0M	$705.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Other costs

Other costs93¢$6.3B
Income tax1¢$36.0M
Profit6¢$433.0M

Out of $6.8B in revenue.⁷

Where each dollar of operating cash went, fiscal 2025

Share buybacksKept or used elsewhere

Share buybacks39¢$102.0M
Kept or used elsewhere61¢$157.0M

Out of $259.0M of cash from operations.⁷

Financial statements

Revenue⁸⁹¹⁰¹¹⁷$6.8B in 2025+3% since 2019

Net income⁸⁹¹⁰¹¹⁷$433.0M in 2025

Every line of the income statement in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Premiums	$695.0M	$770.0M	$828.0M
Universal life and investment-type product policy fees	$2.2B	$2.1B	$2.3B
Net investment income	$5.2B	$5.2B	$4.7B
Other revenues	$555.0M	$579.0M	$483.0M
Net investment gains (losses)	-$97.0M	-$295.0M	-$246.0M
Net derivative gains (losses)	-$1.8B	-$3.7B	-$3.9B
Total revenues	$6.8B	$4.7B	$4.1B
Policyholder benefits and claims (including liability remeasurement gains (losses) of ($273), ($978), ($234), respectively)	$1.8B	$2.3B	$2.7B
Interest credited to policyholder account balances	$2.2B	$2.1B	$1.8B
Amortization of deferred policy acquisition costs and value of business acquired	$609.0M	$599.0M	$620.0M
Change in market risk benefits	-$268.0M	-$2.7B	-$1.5B
Other expenses	$2.0B	$1.9B	$2.0B
Total expenses	$6.3B	$4.3B	$5.6B
Income (loss) before provision for income tax	$474.0M	$422.0M	-$1.5B
Provision for income tax expense (benefit)	$36.0M	$29.0M	-$367.0M
Net income (loss)	$438.0M	$393.0M	-$1.1B
Net income (loss) attributable to noncontrolling interests	$5.0M	$5.0M	$5.0M
Net income (loss) attributable to Brighthouse Financial, Inc.	$433.0M	$388.0M	-$1.1B
Preferred stock dividends	$102.0M	$102.0M	$102.0M
Net income (loss) available to Brighthouse Financial, Inc.s common shareholders	$331.0M	$286.0M	-$1.2B
Basic	$5.75	$4.67	-$18.39
Diluted	$5.71	$4.64	-$18.39
Liability for Future Policy Benefit, Remeasurement Gain (Loss)	-$273.0M	-$978.0M	-$234.0M

Total assets¹⁴⁸¹⁰¹¹⁷$241.8B in 2025+6% since 2019

Total liabilities¹⁴⁸¹⁰¹¹⁷$235.0B in 2025+11% since 2019

Shareholders’ equity¹⁴⁸⁹¹⁰¹¹⁷$6.8B in 2025−58% since 2019

Cash¹⁴⁸⁷$5.4B in 2025+87% since 2019

Long-term debt¹⁴⁸⁹¹⁰¹¹⁷$3.2B in 2025−28% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $87,046 and $87,603, respectively; allowance for credit losses of $64 and $81, respectively)	$82.0B	$80.1B
Trading securities, at estimated fair value	$506.0M	$0
Equity securities, at estimated fair value	$79.0M	$77.0M
Mortgage loans (net of allowance for credit losses of $200 and $178, respectively)	$22.8B	$23.3B
Policy loans	$1.4B	$2.0B
Limited partnerships and limited liability companies	$4.7B	$4.8B
Short-term investments, principally at estimated fair value	$1.2B	$1.9B
Other invested assets, principally at estimated fair value (net of allowance for credit losses of $0 and $0, respectively)	$7.9B	$5.2B
Total investments	$120.6B	$117.4B
Cash and cash equivalents	$5.4B	$5.0B	$3.9B
Accrued investment income	$1.3B	$1.3B
Premiums, reinsurance and other receivables (net of allowance for credit losses of $3 and $3, respectively)	$21.6B	$21.1B
Deferred policy acquisition costs and value of business acquired	$4.6B	$4.7B
Current income tax recoverable	$16.0M	$19.0M
Deferred income tax asset	$1.4B	$1.9B
Market risk benefit assets	$1.1B	$1.1B
Other assets	$332.0M	$370.0M
Separate account assets	$85.5B	$85.6B
Total assets	$241.8B	$238.5B
Future policy benefits	$32.0B	$31.5B
Policyholder account balances	$88.0B	$88.0B
Market risk benefit liabilities	$8.1B	$8.3B
Other policy-related balances	$3.9B	$3.9B
Payables for collateral under securities loaned and other transactions	$4.7B	$3.9B
Long-term debt	$3.2B	$3.2B
Other liabilities	$9.6B	$9.2B
Separate account liabilities	$85.5B	$85.6B
Total liabilities	$235.0B	$233.5B
Preferred stock, par value $0.01 per share; $1,753 aggregate liquidation preference	$0	$0
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 124,081,967 and 123,480,326 shares issued, respectively; 57,171,217 and 58,629,049 shares outstanding, respectively	$1.0M	$1.0M
Additional paid-in capital	$13.9B	$13.9B
Retained earnings (deficit)	-$686.0M	-$1.1B
Treasury stock, at cost; 66,910,750 and 64,851,277 shares, respectively	-$2.7B	-$2.6B
Accumulated other comprehensive income (loss)	-$3.7B	-$5.3B
Total Brighthouse Financial, Inc.s stockholders equity	$6.8B	$5.0B
Noncontrolling interests	$65.0M	$65.0M
Total equity	$6.8B	$5.0B	$5.0B
Total liabilities and equity	$241.8B	$238.5B
Amortized cost of fixed maturity securities available-for-sale	$87.0B	$87.6B
Fixed maturity securities, allowance for credit losses	$64.0M	$81.0M	$21.0M
Mortgage loans, allowance for credit losses	$200.0M	$178.0M
Leveraged leases, allowance for credit losses	$0	$0
Premiums, reinsurance and other, allowance for credit losses	$3.0M	$3.0M
Preferred stock, par value	$0.01	$0.01
Preferred stock, aggregate liquidation preference	$1.8B	$1.8B
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	1.0B shares	1.0B shares
Common stock, shares issued	124.1M shares	123.5M shares
Common stock, shares outstanding	57.2M shares	58.6M shares	63.5M shares
Treasury Stock, Common, Shares	66.9M shares	64.9M shares

Cash from operations⁸⁹¹⁰¹¹⁷$259.0M in 2025−86% since 2019

Share buybacks⁸⁹¹⁰¹¹⁷$102.0M in 2025−77% since 2019

Every line of the cash flow in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income (loss)	$438.0M	$393.0M	-$1.1B
Amortization of premiums and accretion of discounts associated with investments, net	-$320.0M	-$330.0M	-$282.0M
(Gains) losses on investments, net	$51.0M	$264.0M	$232.0M
(Gains) losses on derivatives, net	-$1.4B	$1.4B	$2.6B
(Income) loss from equity method investments, net of dividends and distributions	-$24.0M	$41.0M	$83.0M
Interest credited to policyholder account balances	$2.2B	$2.1B	$1.8B
Universal life and investment-type product policy fees	-$2.2B	-$2.1B	-$2.3B
Change in market risk benefits, net	$209.0M	-$2.1B	-$875.0M
Change in accrued investment income	$142.0M	-$113.0M	-$215.0M
Change in premiums, reinsurance and other receivables	-$400.0M	-$1.5B	-$1.3B
Change in deferred policy acquisition costs and value of business acquired, net	$143.0M	$162.0M	$211.0M
Change in income tax	$33.0M	$30.0M	-$371.0M
Change in other assets	$1.1B	$1.2B	$1.1B
Change in future policy benefits and other policy-related balances	-$295.0M	-$281.0M	$51.0M
Change in other liabilities	$420.0M	$402.0M	$95.0M
Other, net	$49.0M	$30.0M	$39.0M
Net cash provided by (used in) operating activities	$259.0M	-$290.0M	-$137.0M
Sales, maturities and repayments of fixed maturity securities	$12.7B	$11.7B	$6.0B
Sales, maturities and repayments of trading securities	$44.0M	$0	$0
Sales, maturities and repayments of equity securities	$39.0M	$46.0M	$33.0M
Sales, maturities and repayments of mortgage loans	$2.5B	$1.5B	$1.2B
Sales, maturities and repayments of limited partnerships and limited liability companies	$570.0M	$337.0M	$205.0M
Purchases of fixed maturity securities	-$12.4B	-$12.0B	-$8.9B
Purchases of trading securities	-$199.0M	$0	$0
Purchases of equity securities	-$21.0M	-$7.0M	-$14.0M
Purchases of mortgage loans	-$2.2B	-$2.4B	-$813.0M
Purchases of limited partnerships and limited liability companies	-$278.0M	-$299.0M	-$453.0M
Cash received in connection with freestanding derivatives	$16.8B	$12.5B	$5.1B
Cash paid in connection with freestanding derivatives	-$18.3B	-$11.9B	-$5.4B
Net change in policy loans	$574.0M	-$692.0M	-$49.0M
Net change in short-term investments	$712.0M	-$675.0M	-$38.0M
Net change in other invested assets	$15.0M	-$372.0M	-$112.0M
Other, net	$0	-$4.0M	$0
Net cash provided by (used in) investing activities	$751.0M	-$2.2B	-$3.2B
Policyholder account balances: Deposits	$20.2B	$30.4B	$22.0B
Policyholder account balances: Withdrawals	-$21.0B	-$26.4B	-$17.7B
Net change in payables for collateral under securities loaned and other transactions	$814.0M	$221.0M	-$890.0M
Long-term debt repaid	-$2.0M	-$2.0M	-$2.0M
Dividends on preferred stock	-$102.0M	-$102.0M	-$102.0M
Treasury stock acquired in connection with share repurchases	-$102.0M	-$250.0M	-$250.0M
Financing element on certain derivative instruments and other derivative related transactions, net	-$443.0M	-$204.0M	$90.0M
Other, net	-$17.0M	-$17.0M	-$19.0M
Net cash provided by (used in) financing activities	-$668.0M	$3.7B	$3.1B
Change in cash, cash equivalents and restricted cash	$342.0M	$1.2B	-$264.0M
Net cash paid (received) for interest	$151.0M	$151.0M	$151.0M
Net cash paid (received) for income tax	$12.0M	$13.0M	$7.0M
Transfer of mortgage loans to affiliates	$43.0M	$0	$0
Transfer of limited partnerships and limited liability companies from affiliates	$43.0M	$0	$0

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The story

Origin

The company was formed in 2017 from foundations created by Travelers, which began selling life insurance in 1923 and annuities in 1938, and MetLife, which acquired New England Life Insurance Company (NELICO) in 1996 and annuity company Security First Group, Inc in 1997. In 2005, MetLife acquired Travelers Life.

Separation from MetLife

In January 2016, MetLife, Inc. announced it intended to separate a substantial portion of its U.S. retail segment of life insurance and annuities. The entities marked for separation into the new enterprise included: Brighthouse Life Insurance Company (formerly MetLife Insurance Company USA), Brighthouse Life Insurance Company of NY (formerly First MetLife Investors Insurance Company) and New England Life Insurance Company. On July 21, 2016, MetLife announced it would rebrand the business as Brighthouse Financial and on March 6, 2017, the company began selling annuity and life insurance under the Brighthouse Financial brand.

On August 4, 2017, Brighthouse Financial completed its separation from MetLife. The company began trading on the Nasdaq stock exchange on August 7, 2017, under the symbol "BHF". Upon completion of the separation, MetLife retained a 19.2% stake in the company. In 2018, MetLife divested its remaining interest through a debt-for-equity exchange with four financial institutions that owned MetLife debt.

During 2018 Brighthouse Financial reported profits of more than $1.4 billion but paid an effective federal tax rate of 0% or less as a result of Donald Trump's Tax Cuts and Jobs Act of 2017.

Acquisition

In November 2025, New York-based private equity firm, Aquarian Holdings, agreed to acquired the company for $4.1 billion in an all-cash deal.

From Wikipedia’s article on Brighthouse Financial, shared under CC BY-SA 4.0.⁶

Products and brands

Brighthouse Financial sells annuity and life insurance products to U.S. consumers through multiple independent distribution channels. These products are serviced by a third-party vendor, DXC Technology, instead of directly by Brighthouse Financial.