Brighthouse Financial ( (BHF) ) has released its Q3 earnings. Here is a breakdown of the information Brighthouse Financial presented to its investors.
Brighthouse Financial, Inc., a leading provider of annuities and life insurance in the U.S., has reported its financial results for the third quarter of 2024, reflecting a mixed performance in its key business segments. The company specializes in products designed to help individuals achieve financial security and protect their earnings.
In the third quarter of 2024, Brighthouse Financial reported net income available to shareholders of $150 million, or $2.47 per diluted share, marking a significant decrease from $453 million in the same period in 2023. The company’s adjusted earnings reached $767 million, or $12.58 per diluted share, boosted by $524 million of net favorable notable items, including actuarial reviews and long-term interest rate assumptions.
Key financial metrics indicate a stable performance in annuity sales, which remained flat year-to-date compared to 2023, while life insurance sales saw a notable 19% increase. The company also continued its share repurchase program, buying back approximately $64 million in common stock during the quarter. Despite a decrease in corporate expenses, the company ended the quarter with a statutory total adjusted capital of $5.7 billion and holding company liquid assets amounting to $1.3 billion.
Looking ahead, Brighthouse Financial is focused on improving capital efficiency to meet its target combined risk-based capital ratio. The completion of a reinsurance transaction by year-end is expected to enhance the company’s capital position, aligning it with strategic priorities to unlock capital and sustain shareholder value.
