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Brighthouse Financial, Inc. (BHF) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Brighthouse Financial, Inc.

CIK: 1685040 Ticker: BHF
 
 
 
 
 
PUBLIC RELATIONS

Brighthouse Financial, Inc.
11225 N. Community House Rd.
Charlotte, NC 28277

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Exhibit 99.1
FOR IMMEDIATE RELEASE
Brighthouse Financial Announces Fourth Quarter 2017 Results
Fourth quarter 2017 net income of $668 million, benefiting from the Tax Cuts and Jobs Act
Annuity sales grew 26 percent over the fourth quarter of 2016, driven by strong sales of Shield annuities
Variable annuity assets above CTE95 increased to $2.6 billion, driven by strong market performance
CHARLOTTE, NC, February 12, 2018
— Brighthouse Financial, Inc. ("Brighthouse Financial") (Nasdaq: BHF) announced today its financial results for the fourth quarter ended December 31, 2017.
Fourth Quarter 2017 Results
The company reported net income of $668 million in the fourth quarter of 2017, or $5.58 on a per share basis, compared to a net loss of $1,765 million in the fourth quarter of 2016. The company ended the fourth quarter of 2017 with stockholders' equity ("book value") of $14.5 billion, or $121.19 on a per share basis, and book value, excluding accumulated other comprehensive income ("AOCI"), of $13.1 billion, or $109.71 on a per share basis.

For the fourth quarter of 2017, the company reported adjusted earnings* (previously reported as operating earnings) of $992 million, or $8.28 on a per share basis. Results for the fourth quarter included a $947 million favorable impact, or $7.91 on a per share basis, primarily related to the re-measurement of the company's net deferred tax liability due to the enactment of the Tax Cuts and Jobs Act ("tax reform") during the quarter. Excluding the impact of tax reform, adjusted earnings for the quarter would have been $45 million, or $0.37 on a per share basis.

Adjusted earnings for the quarter also included $152 million of net unfavorable notable items, or $1.27 on a per share basis, including:
$53 million in unfavorable reserve adjustments from recaptured business, partially offset by reserve refinements, in the company's universal life with secondary guarantees ("ULSG") book of business;
$47 million in establishment costs related to planned technology and branding investments;
$38 million increase in reserves related to certain legacy non-retail, group annuity contracts administered by the company's former parent; and
$14 million unfavorable impact from tax items related to the company's separation from its former parent.
Annuity sales increased 26 percent quarter-over-quarter and 25 percent sequentially, primarily driven by sales of Shield annuities, which increased 74 percent quarter-over-quarter and 22 percent sequentially.

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The following information was filed by Brighthouse Financial, Inc. (BHF) on Monday, February 12, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Document And Entity Information
Condensed Financial Information (parent Company)
Condensed Financial Information (parent Company) (condensed Balance Sheets - Parenthetical) (details)
Condensed Financial Information (parent Company) (condensed Balance Sheets) (details)
Condensed Financial Information (parent Company) (condensed Statements Of Cash Flows) (details)
Condensed Financial Information (parent Company) (condensed Statements Of Operations) (details)
Condensed Financial Information (parent Company) (investment In Subsidiaries Footnote) (details)
Condensed Financial Information (parent Company) (long-term And Short-term Debt Footnote) (details)
Condensed Financial Information Condensed Financial Information (parent Company) (income Tax) (details)
Condensed Financial Information Condensed Financial Information (parent Company) (related Party Transactions) (details)
Condensed Financial Information Of Parent Company (tables)
Consolidated Reinsurance
Consolidated Reinsurance (consolidated Reinsurance) (details)
Consolidated Reinsurance Consolidated Reinsurance (narrative) (details)
Consolidated Summary Of Investments - Other Than Investments In Related Parties
Consolidated Summary Of Investments - Other Than Investments In Related Parties (details)
Consolidated Supplementary Insurance Information
Consolidated Supplementary Insurance Information (balance Sheet Items) (details)
Consolidated Supplementary Insurance Information (income Statement Items) (details)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity
Consolidated Statements Of Operations
Business, Basis Of Presentation And Summary Of Significant Accounting Policies
Business, Basis Of Presentation And Summary Of Significant Accounting Policies (narrative) (details)
Business, Basis Of Presentation And Summary Of Significant Accounting Policies (policies)
Contingencies, Commitments And Guarantees
Contingencies, Commitments And Guarantees (commitments And Guarantees - Narrative) (details)
Contingencies, Commitments And Guarantees (contingencies - Narrative) (details)
Contingencies, Commitments And Guarantees (insolvency Assessments) (details)
Contingencies, Commitments And Guarantees (tables)
Deferred Policy Acquisition Costs, Value Of Business Acquired And Other Policy-related Intangibles
Deferred Policy Acquisition Costs, Value Of Business Acquired And Other Policy-related Intangibles (dac And Voba By Segment) (details)
Deferred Policy Acquisition Costs, Value Of Business Acquired And Other Policy-related Intangibles (dac And Voba) (details)
Deferred Policy Acquisition Costs, Value Of Business Acquired And Other Policy-related Intangibles (deferred Sales Inducements) (details)
Deferred Policy Acquisition Costs, Value Of Business Acquired And Other Policy-related Intangibles (estimated Future Amortization) (details)
Deferred Policy Acquisition Costs, Value Of Business Acquired And Other Policy-related Intangibles (tables)
Deferred Policy Acquisition Costs, Value Of Business Acquired And Other Policy-related Intangibles (voda And Vocra) (details)
Derivatives
Derivatives (cash Flow Hedges) (details)
Derivatives (changes In Estimated Fair Value Related To Embedded Derivatives) (details)
Derivatives (credit Derivatives) (details)
Derivatives (credit Risk On Freestanding Derivatives) (details)
Derivatives (earned Income On Derivatives) (details)
Derivatives (embedded Derivatives) (details)
Derivatives (estimated Fair Value Of Derivative Assets And Liabilities After Master Netting Agreements And Cash Collateral) (details)
Derivatives (fair Value Hedges) (details)
Derivatives (gains Losses Recognized In Income Not Designated Or Qualifying) (details)
Derivatives (hedges Of Net Investments In Foreign Operations) (details)
Derivatives (narrative) (details)
Derivatives (net Derivative Gains Losses) (details)
Derivatives (primary Risks) (details)
Derivatives (tables)
Derivatives Derivatives (nq, Cf, Fv) (details)
Earnings Per Common Share
Earnings Per Common Share (earnings Per Common Share) (details)
Earnings Per Common Share (tables)
Employee Benefit Plans
Employee Benefit Plans (actual & Target Allocation Of Fair Value By Asset Class) (details)
Employee Benefit Plans (assumptions In Determining Net Periodic Benefit Costs) (details)
Employee Benefit Plans (estimated Fair Value On A Recurring Basis) (details)
Employee Benefit Plans (expected Gross Benefit Payments) (details)
Employee Benefit Plans (narrative) (details)
Employee Benefit Plans (obligations And Funded Status) (details)
Employee Benefit Plans (paid Benefit Obligations And Accumulated Benefit Obligations In Excess Of Fair Value) (details)
Employee Benefit Plans (tables)
Equity
Equity (capital Contributions & Cash Distributions - Narrative) (details)
Equity (common Stock - Narrative) (details)
Equity (components Of Accumulated Other Comprehensive Income (loss)) (details)
Equity (dividend Restrictions) (details)
Equity (noncontrolling Interests - Narrative) (details)
Equity (reclassifications Out Of Accumulated Other Comprehensive Income (loss)) (details)
Equity (statutory Equity & Income And Dividend Restrictions - Narrative) (details)
Equity (statutory Net Income (loss)) (details)
Equity (tables)
Fair Value
Fair Value (fair Value Option For Certain Assets And Liabilities) (details)
Fair Value (financial Instruments Carried At Other Than Fair Value) (details)
Fair Value (quantitative Information) (details)
Fair Value (recurring Fair Value Measurements) (details)
Fair Value (recurring Fair Value Measurements) (narrative) (details)
Fair Value (tables)
Fair Value (unobservable Input Reconciliation) (details)
Income Tax
Income Tax (narrative) (details)
Income Tax (net Deferred Income Tax Assets And Liabilities) (details)
Income Tax (provision For Income Tax From Continuing Operations) (details)
Income Tax (reconciliation Of Income Tax Provision Between Us Statutory Rate And As Reported For Continuing Operations) (details)
Income Tax (reconciliation Of Unrecognized Tax Benefits) (details)
Income Tax (tables)
Income Tax (tax Credit Carryforwards) (details)
Insurance
Insurance (fund Groupings) (details)
Insurance (guarantees Related To Annuity Contracts) (details)
Insurance (guarantees Related To Universal And Variable Life Contracts) (details)
Insurance (insurance Liabilities Assumptions And Ratios - Narrative) (details)
Insurance (insurance Liabilities) (details)
Insurance (liabilities For Guarantees) (details)
Insurance (obligations Under Funding Agreements - Fhlb Common Stock) (details)
Insurance (obligations Under Funding Agreements - Liability And Collateral) (details)
Insurance (obligations Under Funding Agreements - Narrative) (details)
Insurance (tables)
Insurance Insurance - Future Policy Benefits (details)
Investments (activity For Accretable Yield On Pci Investments) (details)
Investments (cash Equivalents - Narrative) (details)
Investments (changes In Net Unrealized Investment Gains Losses) (details)
Investments (collectively Significant Equity Method Investments - Narrative) (details)
Investments (components Of Net Investment Gains Losses) (details)
Investments (concentrations Of Credit Risk - Narrative) (details)
Investments (consolidated Variable Interest Entities) (details)
Investments (continuous Gross Unrealized Losses For Fixed Maturity And Equity Securities Available-for-sale) (details)
Investments (credit Loss Rollforward) (details)
Investments (credit Quality Of Agricultural And Residential Mortgage Loans) (details)
Investments (credit Quality Of Commercial Mortgage Loans) (details)
Investments (evaluation Of Available-for-sale Securities For Otti And Evaluating Temporarily Impaired Afs Securities - Narrative) (details)
Investments (fixed Maturity And Equity Securities Available-for-sale - Narrative) (details)
Investments (fixed Maturity And Equity Securities Available-for-sale By Sector) (details)
Investments (invested Assets On Deposit, Held In Trust And Pledged As Collateral) (details)
Investments (investment In Leverage Leases) (details)
Investments (leverage Leases - Narrative) (details)
Investments (maturities Of Fixed Maturity Securities) (details)
Investments (mortgage Loans - Narrative) (details)
Investments (mortgage Loans By Portfolio Segment) (details)
Investments (net Investment Income) (details)
Investments (net Unrealized Investment Gains Losses) (details)
Investments (other Invested Assets - Narrative) (details)
Investments (pci Investments Acquired) (details)
Investments (pci Investments By Invested Asset Class) (details)
Investments (sales Or Disposals And Impairments Of Fixed Maturity And Equity Securities) (details)
Investments (securities Lending Remaining Tenor - Narrative) (details)
Investments (securities Lending Remaining Tenor) (details)
Investments (securities Lending) (details)
Investments (tables)
Investments (unconsolidated Variable Interest Entities) (details)
Investments (unonsolidated Variable Interest Entities - Narrative) (details)
Investments Invest Assets On Deposit, Held In Trust And Pledged As Collateral ( Narrative) (details)
Investments Investments
Investments Investments (consolidated Variable Interest Entities - Narrative) (details)
Investments Investments (related Party Investment Transactions) (details)
Investments Investments (related Party Investment Transactions- Narrative) (details)
Long-term Debt And Collateral Financing Arrangement
Long-term Debt And Collateral Financing Arrangement (details)
Long-term Debt And Collateral Financing Arrangement (narrative) (details)
Long-term Debt And Collateral Financing Arrangement (tables)
Other Expenses
Other Expenses (other Expenses) (details)
Other Expenses (tables)
Quarterly Results Of Operations (unaudited)
Quarterly Results Of Operations (unaudited) (quarterly Results Of Operations) (details)
Quarterly Results Of Operations (unaudited) (tables)
Reinsurance
Reinsurance (effects Of Reinsurance On Balance Sheet - Related Party) (details)
Reinsurance (effects Of Reinsurance On Balance Sheet) (details)
Reinsurance (effects Of Reinsurance On Earnings) (details)
Reinsurance (narrative) (details)
Reinsurance (tables)
Reinsurance Reinsurance (effects Of Reinsurance On Earnings - Related Party) (details)
Reinsurance Reinsurance Transactions (detail Narrative) (details)
Related Party Transactions
Related Party Transactions (details)
Related Party Transactions Related Party Transactions (narrative) (details)
Related Party Transactions Related Party Transactions (tables)
Segment Information
Segment Information (assets And Liabilities) (details)
Segment Information (narrative) (details)
Segment Information (operating Results) (details)
Segment Information (premiums, Universal Life And Investment-type Product Policy Fees And Other Revenues By Major Product Groups) (details)
Segment Information (tables)
Segment Information Segment Information (reconciliation Of Operating Revenues To Total Revenues) (details)
Ticker: BHF
CIK: 1685040
Form Type: 10-K Annual Report
Accession Number: 0001167609-18-000005
Submitted to the SEC: Thu Mar 15 2018 9:37:04 PM EST
Accepted by the SEC: Fri Mar 16 2018
Period: Sunday, December 31, 2017
Industry: Life Insurance

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