BHF on Nasdaq

Brighthouse Financial

Logo: Brighthouse Financial, Inc., Public domain, via Wikimedia Commons5

American financial services company

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 Its shares trade on Nasdaq under the symbol BHF.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

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  • TickerBHF on Nasdaq1
  • Industryinsurance1
  • HeadquartersCharlotte, United States1
  • Websitewww.brighthousefinancial.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address11225 N Community House Road, Charlotte, Nc 282776
  • Filer categoryLarge accelerated filer6
  • LEI5493003T8SZSHOGGAW524
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O The Corporation Trust Company, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 60652104

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 margin10
43.2%Revenue growth, 202510
6.4%Return on equity10
0.47×Debt to equity10

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.

  1. Annuities$3.6B1054%up 88% from 2024
  2. Run-off$1.3B1019%up 28% from 2024
  3. Life$1.1B1017%up 3% from 2024
  4. Corporate Segment and Other Operating$705.0M1010%up 3% from 2024
Business segments by year
Business segments202320242025
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 costs93¢$6.3B
  • Income tax1¢$36.0M
  • Profit6¢$433.0M

Out of $6.8B in revenue.10

Where each dollar of operating cash went, fiscal 2025

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

Out of $259.0M of cash from operations.10

Financial statements

Revenue1112131410$6.8B in 2025+3% since 2019
0$2.5B$5.0B$7.5B$10.0B2019: $6.6B$6.6B20192020: $8.5B$8.5B2020+30%2021: $5.0B$5.0B2021−41%2022: $6.9B$6.9B2022+38%2023: $4.1B$4.1B2023−40%2024: $4.7B$4.7B2024+15%2025: $6.8B$6.8B2025+43%
Net income1112131410$433.0M in 2025
-$2.0B0$2.0B$4.0B2019: -$740.0M-$740.0M20192020: -$1.1B-$1.1B2020+43%2021: $1.6B$1.6B20212022: $3.9B$3.9B2022+136%2023: -$1.1B-$1.1B20232024: $388.0M$388.0M20242025: $433.0M$433.0M2025+12%

Every line of the income statement as filed: the last 3 fiscal years, latest first.10

Period ending2025-12-312024-12-312023-12-31
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

Compare Brighthouse Financial with another company

Corporate structure

Brighthouse Financial sits at the top of its group. 19 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Brighthouse Financial

  • DIMENSIONAL FUND ADVISORS LP Filed SCHEDULE 13G/A on Brighthouse Financial, latest Jul 14, 2026 (3 filings since Feb 10, 2023)
  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Brighthouse Financial, latest Apr 29, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Brighthouse Financial, latest Mar 26, 2026 (5 filings since Feb 9, 2022)
  • &. Cox Dodge Filed SCHEDULE 13G/A on Brighthouse Financial, latest Mar 7, 2025 (5 filings since Feb 14, 2022)
  • BlackRock Filed SC 13G/A on Brighthouse Financial, latest Jan 24, 2024 (5 filings since Feb 3, 2022)
  • PRICE T ROWE ASSOCIATES INC /MD/ Filed SC 13G/A on Brighthouse Financial, latest Feb 14, 2023 (2 filings since Feb 14, 2022)
  • Brighthouse Financial Charlotte, North Carolina, United States
    • BRIGHTHOUSE LIFE INSURANCE Co OF NY New York, New York, United States
    • BLIC Property Ventures, LLC Subsidiary · Delaware, United States
    • BLICNY Property Ventures, LLC Subsidiary · Delaware, United States
    • Brighthouse Assignment Company Subsidiary · Connecticut, United States
    • Brighthouse Holdings, LLC Subsidiary · Delaware, United States
    • Brighthouse Investment Advisers, LLC Subsidiary · Delaware, United States
    • Brighthouse Life Insurance Company Subsidiary · Delaware, United States
    • BRIGHTHOUSE REINSURANCE COMPANY OF DELAWARE Subsidiary · Charlotte, North Carolina, United States
    • Brighthouse Renewables Holding, LLC Subsidiary · Delaware, United States
    • Brighthouse Securities, LLC Subsidiary · Delaware, United States
    • Brighthouse Services, LLC Subsidiary · Charlotte, North Carolina, United States
    • Euro TI Investments LLC Subsidiary · Delaware, United States
    • Euro TL Investments LLC Subsidiary · Delaware, United States
    • Greater Sandhill I, LLC Subsidiary · Delaware, United States
    • NEW ENGLAND LIFE INSURANCE COMPANY Subsidiary · New York, New York, United States
    • TLA Holdings II LLC Subsidiary · Delaware, United States
    • TLA Holdings LLC Subsidiary · Delaware, United States
    • MetLife Multi-Index Targeted Risk Portfolio Fund · Charlotte, North Carolina, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Brighthouse Financial reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Marketable securities, current$1.9B14 Dec 31, 2024$1.2B14 Dec 31, 2023+59.8%
Debt securities available for sale$82.0B10 Dec 31, 2025$80.1B10 Dec 31, 2024+2.4%
Stakes in other companies (equity method)$4.7B10 Dec 31, 2025$4.8B14 Dec 31, 2024−2.1%

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 4.0.7

Leadership

Who has led Brighthouse Financial, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (24)

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.

From Wikipedia’s article on Brighthouse Financial, shared under CC BY-SA 4.0.7

Subsidiaries and ownership

Also consolidated

Subsidiaries (Exhibit 21)

  • BLIC Property Ventures, LLC Delaware8
  • BLICNY Property Ventures, LLC Delaware8
  • Brighthouse Assignment Company Connecticut8
  • Brighthouse Holdings, LLC Delaware8
  • Brighthouse Investment Advisers, LLC Delaware8
  • Brighthouse Life Insurance Company Delaware8
  • Brighthouse Life Insurance Company of NY New York8
  • Brighthouse Reinsurance Company of Delaware Delaware8
  • Brighthouse Renewables Holding, LLC Delaware8
  • Brighthouse Securities, LLC Delaware8
  • Brighthouse Services, LLC Delaware8
  • Euro TI Investments LLC Delaware8
  • Euro TL Investments LLC Delaware8
  • Greater Sandhill I, LLC Delaware8
  • New England Life Insurance Company Massachusetts8
  • TLA Holdings II LLC Delaware8
  • TLA Holdings LLC Delaware8

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record. The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 18, 20268-K Executive or director change47
  2. Aug 5, 20268-K Results of operations48
  3. Jun 3, 20268-K Shareholder vote49
  4. May 6, 20268-K Results of operations50
  5. Feb 23, 20268-K Results of operations51
  6. Feb 12, 20268-K Shareholder vote; Regulation FD disclosure52
  7. Nov 7, 20258-K Results of operations53
  8. Nov 6, 20258-K Entered a material agreement; Results of operations; Regulation FD disclosure54
  9. Nov 6, 20258-K Other events55
  10. Sep 2, 20258-K Executive or director change56
  11. Aug 7, 20258-K Results of operations; Regulation FD disclosure57
  12. Jun 16, 20258-K Executive or director change; Shareholder vote58
  13. Jul 6, 2017New chief executive Eric T. Steigerwalt becomes CEO18
  14. Aug 1, 2016Founded Brighthouse Financial is founded4

Calendar

Coming up

  1. Nov 5, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $4.54 a share, on Nov 6, 2025.59

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results48
  2. May 6, 2026Reported quarterly or annual results50
  3. Feb 23, 2026Reported quarterly or annual results51
  4. Nov 7, 2025Reported quarterly or annual results53
  5. Nov 6, 2025Reported quarterly or annual results54
  6. Aug 7, 2025Reported quarterly or annual results57
  7. May 8, 2025Reported quarterly or annual results60
  8. Feb 11, 2025Reported quarterly or annual results61

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

300 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 48 major events, 150 insider forms, 21 large holders, 61 other. The latest 20:

  1. Sep 3, 20263 EDGAR
  2. Aug 18, 20268-K EDGAR
  3. Aug 6, 202610-Q EDGAR
  4. Aug 5, 20268-K EDGAR
  5. Jul 14, 2026SCHEDULE 13G/A EDGAR
  6. Jun 4, 20264 EDGAR
  7. Jun 4, 20264 EDGAR
  8. Jun 4, 20264 EDGAR
  9. Jun 4, 20264 EDGAR
  10. Jun 4, 20264 EDGAR
  11. Jun 4, 20264 EDGAR
  12. Jun 4, 20264 EDGAR
  13. Jun 4, 20264 EDGAR
  14. Jun 3, 20268-K EDGAR
  15. May 7, 202610-Q EDGAR
  16. May 6, 20268-K EDGAR
  17. May 5, 20264 EDGAR
  18. May 5, 20264 EDGAR
  19. Apr 29, 2026SCHEDULE 13G EDGAR
  20. Apr 14, 2026ARS EDGAR

The 300 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

31 open-market trades by officers, directors and large owners since October 2021: 1 buys and 30 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 3, 2025Lambert MylesEVP, Chief Operating OfficerSale8,400$58.66$492.8KForm 4
Jun 2, 2025Huss VondaEVP & Chief HR OfficerSale3,000$59.51$178.5KForm 4
May 27, 2025Steigerwalt Eric TPresident and CEOSale25,000$58.84$1.5MForm 4
Mar 3, 2025Huss VondaEVP & Chief HR OfficerSale3,000$59.33$178.0KForm 4
Mar 3, 2025Lambert MylesEVP, Chief Operating OfficerSale8,400$59.92$503.3KForm 4
Feb 26, 2025Steigerwalt Eric TPresident and CEOSale25,000$59.11$1.5MForm 4
Jan 31, 2025Rosenthal JohnEVP & Chief Investment OfficerSale10,000$61.00$610.0KForm 4
Dec 3, 2024Lambert MylesEVP, Chief Operating OfficerSale8,400$51.70$434.3KForm 4
Dec 3, 2024Rosenthal JohnEVP & Chief Investment OfficerSale10,000$52.31$523.1KForm 4
Dec 2, 2024Huss VondaEVP & Chief HR OfficerSale3,000$52.21$156.6KForm 4
Nov 26, 2024Steigerwalt Eric TPresident and CEOSale25,000$52.24$1.3MForm 4
Nov 15, 2024Spehar Edward A.EVP & Chief Financial OfficerSale7,125$50.98$363.2KForm 4
Oct 11, 2024Rosenthal JohnEVP & Chief Investment OfficerSale4,265$46.04$196.4KForm 4
Sep 4, 2024Rosenthal JohnEVP & Chief Investment OfficerSale735$46.01$33.8KForm 4
Sep 3, 2024Huss VondaEVP & Chief HR OfficerSale3,000$45.29$135.9KForm 4
Sep 3, 2024Lambert MylesEVP, Chief Operating OfficerSale8,400$45.15$379.3KForm 4
Sep 3, 2024Rosenthal JohnEVP & Chief Investment OfficerSale5,000$45.22$226.1KForm 4
Aug 26, 2024Steigerwalt Eric TPresident and CEOSale25,000$45.67$1.1MForm 4
Aug 15, 2024Spehar Edward A.EVP & Chief Financial OfficerSale7,125$41.74$297.4KForm 4
Jul 10, 2024Rosenthal JohnEVP & Chief Investment OfficerSale5,000$46.00$230.0KForm 4

All 31 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Eric SteigerwaltPresident and Chief Executive Officer64$1.1M$10.5M68
2025Ed SpeharExecutive Vice President and Chief Financial Officer$665.4K$3.9M68
2025John RosenthalExecutive Vice President and Chief Investment Officer$575.0K$3.5M68
2025Myles LambertExecutive Vice President and Chief Operating Officer$665.4K$3.2M68
2025Allie LinExecutive Vice President, General Counsel and Corporate Secretary$577.5K$2.7M68
2024Eric SteigerwaltPresident and Chief Executive Officer64$1.0M$10.1M68
2024Ed SpeharExecutive Vice President and Chief Financial Officer$640.4K$3.6M68
2024John RosenthalExecutive Vice President and Chief Investment Officer$575.0K$3.3M68
2024Myles LambertExecutive Vice President and Chief Operating Officer$640.4K$3.1M68
2024Allie LinExecutive Vice President, General Counsel and Corporate Secretary$515.4K$2.3M68
2023Eric SteigerwaltPresident and Chief Executive Officer64$1.0M$10.0M68
2023Ed SpeharExecutive Vice President and Chief Financial Officer$600.0K$3.7M68
2023John RosenthalExecutive Vice President and Chief Investment Officer$570.2K$3.7M68
2023Myles LambertExecutive Vice President and Chief Operating Officer$600.0K$3.1M68

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.5,393,709$341.4M0.0%+120,769
UBS Group AG4,200,939$265.9M0.0%+466,463
Dimensional Fund Advisors LP3,634,379$230.1M0.0%+78,556
DME Capital Management, LP2,842,100$179.9M4.6%No change
American Century Companies Inc2,653,810$168.0M0.1%+61,405
Vanguard Capital Management LLC2,596,834$164.4M0.0%+27,160
Vanguard Portfolio Management LLC2,491,401$157.7M0.0%−7,663
State Street Corp2,082,421$131.8M0.0%+143,523
Morgan Stanley1,878,445$118.9M0.0%+591,209
Millennium Management LLC1,218,367$77.1M0.1%−307,891
Soros Fund Management LLC1,116,250$70.7M1.2%+269,456
Geode Capital Management, LLC1,098,870$69.6M0.0%−1,367
AQR Arbitrage LLC927,295$58.7M1.0%+77,540
Alliancebernstein L.P.922,760$55.3M0.0%+89,239
Hsbc Holdings PLC865,171$54.9M0.0%+322,422
Kryger Capital LLC769,937$48.7M2.8%+267,203
Goldman Sachs Group Inc726,823$46.0M0.0%+72,838
Qube Research & Technologies Ltd694,671$44.0M0.0%+575,768
Citigroup Inc689,207$43.6M0.0%+5,811
Charles Schwab Investment Management Inc587,029$37.2M0.0%+19,782
Northern Trust Corp582,994$36.9M0.0%−15,907
Nexpoint Asset Management, L.P.582,977$36.9M2.5%+6,469
Franklin Resources Inc570,803$36.1M0.0%−202,470
Highbridge Capital Management LLC503,412$32.0M1.7%+65,040
Alpine Associates Management Inc.490,920$31.1M1.9%+36,973

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

2 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Apr 14, 2023Jonathan L. JacksonDemocratic, HouseSale$15,001 - $50,000+75.0%Report
Feb 28, 2023Jonathan L. JacksonDemocratic, HouseBuy$15,001 - $50,000−112.2%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Brighthouse Financial is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBrighthouse Financial, Inc.2
  • CIK0001685040
  • Employer ID (EIN)81-384699269
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company69
  • Incorporated inDelaware69
  • Fiscal year endsDecember 312
  • Industry code (SIC)6311 Life Insurance2
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance2
  • Business address11225 N Community House Road, Charlotte, NC 282772
  • Phone980-365-71002
  • Shares outstanding57,511,563 as of Jul 31, 202616
  • Public float$3.0B as of Jun 30, 202569
  • AuditorDeloitte & Touche LLP, Charlotte, North Carolina PCAOB ID 34; it also attests to the company’s internal control over financial reporting69
  • On EDGAR sinceOct 5, 20162
  • Filings600 in all: 4 (245), 8-K (103), SC 13G/A (35), 3 (30), 144 (29), 10-Q (28), 424B5 (14), DEFA14A (11)2
    All 38 form types

    SC 13G (10), 10-K (9), CORRESP (9), DEF 14A (9), UPLOAD (9), FWP (8), 10-12B/A (5), 8-A12B (5), CERT (5), ARS (4), 3/A (3), S-3ASR (3), S-8 (3), SCHEDULE 13G/A (3), 4/A (2), 424B2 (2), 8-K/A (2), EFFECT (2), 10-12B (1), 424B3 (1), 424B4 (1), 5 (1), CERTNAS (1), DEFM14A (1), DRS (1), PRE 14A (1), PREM14A (1), S-1 (1), S-4 (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Feb 24, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 14, 2026
    Latest 8-K (8-K) Aug 18, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per shareBHFThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 6.600% Non-Cumulative Preferred Stock, Series ABHFAPThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 6.750% Non-Cumulative Preferred Stock, Series BBHFAOThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series CBHFANThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 4.625% Non-Cumulative Preferred Stock, Series DBHFAMThe Nasdaq Stock Market LLC
6.250% Junior Subordinated Debentures due 2058BHFALThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Feb 24, 2026 (Section 12(b) of the Exchange Act).69

Risk factors and legal proceedings

The risks Brighthouse Financial names in Item 1A of its 10-K filed Feb 24, 2026: 40 risks under these headings, as written.69

  • Index to Risk Factors
  • Risks Related to the Merger
  • The completion of the Merger is subject to a number of conditions, many of which are largely outside the parties’ control, and, if these conditions are not satisfied or waived, the Merger may not be completed within the expected timeframe or at all
  • Failure to complete the Merger could adversely affect our business, results of operations or financial condition, including in the event the Company is required to pay the termination fee
  • While the Merger is pending, we will be subject to business uncertainties and certain contractual restrictions that could adversely affect our business, results of operations or financial condition
  • Risks Related to Our Business
  • Differences between actual experience and actuarial assumptions may adversely affect our financial results, capitalization and financial condition
  • Guarantees within certain of our annuity products may decrease our earnings, decrease our capitalization, increase the volatility of our results, result in higher risk management costs and expose us to increased market risk
  • Our hedging strategy may not be effective, which may result in significant volatility in our profitability measures or may negatively affect our statutory capital
  • Our analyses of scenarios and sensitivities that we may utilize in connection with our risk management strategy involve significant estimates based on assumptions, which inherently could result in material differences between actual outcomes and the sensitivities calculated under such scenarios
  • We may not have sufficient assets to meet our future ULSG policyholder obligations, and changes in interest rates may result in volatility of our profitability measures and capital
  • Changes in accounting standards issued by the Financial Accounting Standards Board may adversely affect our financial statements
The other 31 risks
  • A downgrade or a potential downgrade in our financial strength or credit ratings could result in a loss of business and materially adversely affect our financial condition and results of operations
  • Our indebtedness and the degree to which we are leveraged could cause a material adverse effect on our financial condition and results of operations
  • Our failure to comply with the agreements relating to our outstanding indebtedness, including as a result of events beyond our control, could result in an event of default that could materially and adversely affect our business, financial condition, results of operations or cash flows
  • Reinsurance may not be available, affordable or adequate to protect us against losses
  • If the counterparties to our reinsurance or indemnification arrangements or to the derivatives we use to hedge our business risks default or fail to perform, we may be exposed to risks we had sought to mitigate, which could materially adversely affect our financial condition and results of operations
  • We may not be able to take credit for reinsurance, our statutory life insurance reinsurance financings may be subject to cost increases and new financings may be subject to limited market capacity
  • Factors affecting our competitiveness may adversely affect our market share and profitability
  • We may experience difficulty in marketing and distributing products through our distribution channels
  • The failure of third parties to provide various services to us, or any failure of the practices and procedures that these third parties use to provide services to us, could have a material adverse effect on our business
  • Changes in our deferred income tax assets or liabilities, including changes in our ability to realize our deferred income tax assets, could adversely affect our financial condition or results of operations
  • As a holding company, BHF depends on the ability of its subsidiaries to pay dividends
  • Risks associated with climate change could adversely affect our business, financial condition and results of operations.
  • Public health crises, extreme mortality events or similar occurrences may adversely impact our business, financial condition, or results of operations, as well as the economy in general
  • We could face difficulties, unforeseen liabilities, asset impairments or rating actions arising from business acquisitions or dispositions
  • Continued scrutiny and evolving expectations from investors, customers, regulators and other stakeholders regarding environmental, social and governance matters may adversely affect our reputation or otherwise adversely impact our business and results of operations
  • Economic Environment and Capital Markets-Related Risks
  • If difficult conditions in the capital markets and the U.S. economy generally persist or are perceived to persist, they may materially adversely affect our business and results of operations
  • Adverse capital and credit market conditions may significantly affect our ability to meet liquidity needs and our access to capital
  • We are exposed to significant financial and capital markets risks which may adversely affect our financial condition, results of operations and liquidity, and may cause our profitability measures to vary from period-to-period
  • Interest Rate Risk
  • Inflation Risk
  • Risks Related to Our Investment Portfolio
  • Our investment portfolio is subject to significant financial risks both in the U.S. and global financial markets, including credit risk, interest rate risk, inflation risk, market valuation risk, liquidity risk, real estate risk, derivatives risk, and other factors outside our control, the occurrence of any of which could have a material adverse effect on our financial condition and results of operations
  • Market Valuation Risk
  • Liquidity Risk
  • Real Estate Risk
  • Derivative Risk
  • Ongoing military actions, the continued threat of terrorism, climate change as well as other catastrophic events may adversely affect the value of our investment portfolio and the level of claim losses we incur
  • Regulatory and Legal Risks
  • Our insurance business is highly regulated, and changes in regulation and in supervisory and enforcement policies or interpretations thereof may materially impact our capitalization or cash flows, reduce our profitability and limit our growth
  • A decrease in the RBC ratio of our insurance subsidiaries (as a result of a reduction in statutory capital and surplus or an increase in the required RBC capital charges), or a change in the rating agency proprietary capital models for our insurance subsidiaries, could result in increased scrutiny by insurance regulators and rating agencies or BHF contributing capital to its subsidiaries and could have a material adverse effect on our financial condition and results of operations
  • Changes in tax laws or interpretations of such laws could reduce our earnings and materially impact our operations by increasing our corporate taxes and making some of our products less attractive to consumers
  • Legal disputes and regulatory investigations are common in our businesses and may result in significant financial losses or harm to our reputation
  • Operational Risks
  • Any gaps in our policies, procedures, or processes may leave us exposed to unidentified or unanticipated risk, and our models used by our business may not operate properly and could contain errors, each of which could adversely affect our business, financial condition, or results of operations
  • Any failure in our cybersecurity risk management program, as well as the occurrence of events unanticipated in Brighthouse Financial’s or our third-party service providers’ disaster recovery systems and business continuity planning, could result in a loss or disclosure of confidential information, damage to our reputation and impairment of our ability to conduct business effectively
  • Our employees and those of our third-party service providers may take excessive risks which could negatively affect our financial condition and business
  • Any failure to protect the confidentiality of customer, employee, or other third-party information could adversely affect our reputation and have a material adverse effect on our business, financial condition and results of operations
  • Risks Related to Our Separation from, and Continuing Relationship with, MetLife
  • If the Separation were to fail to qualify for non-recognition treatment for federal income tax purposes, then we could be subject to significant tax liabilities
  • Disputes or disagreements with MetLife may affect our financial statements and business operations, and our contractual remedies may not be sufficient; we may also be required to share in certain of MetLife's liabilities
  • Risks Related to Our Securities
  • We are not currently permitted to declare and pay dividends on our common stock, and legal restrictions could limit our ability to pay dividends on our capital stock and our ability to repurchase our common stock at the level we wish in the future

Legal proceedings

See Note 17 of the Notes to the Consolidated Financial Statements.

The opening of Item 3, Legal Proceedings.69

Sources

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