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Brighthouse Financial, Inc. (BHF) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

BHF Quarterly Reports

Brighthouse Financial, Inc.

CIK: 1685040 Ticker: BHF
PUBLIC RELATIONS

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

bhf-20191104g111.jpg
Exhibit 99.1
FOR IMMEDIATE RELEASE
Brighthouse Financial Announces First Quarter 2020 Results
First quarter 2020 net income available to shareholders of $4,950 million, or $47.11 per diluted share, driven primarily by net derivative mark-to-market gains
First quarter 2020 adjusted earnings, less notable items*, of $273 million, or $2.60 per diluted share
Annuity sales grew 15 percent over the first quarter of 2019
Estimated combined risk-based capital ("RBC") ratio between 515 and 535 percent
$300 million ordinary subsidiary dividend paid to the holding company in the first quarter of 2020; additional $500 million ordinary subsidiary dividend paid in April
Company repurchased approximately $316 million of its common stock year-to-date through May 8, 2020, representing over 12% of shares outstanding relative to year-end 2019; repurchases temporarily suspended while the company continues to evaluate the impacts of the COVID-19 pandemic
CHARLOTTE, NC, May 11, 2020 — Brighthouse Financial, Inc. ("Brighthouse Financial" or the "company") (Nasdaq: BHF) announced today its financial results for the first quarter ended March 31, 2020.
First Quarter 2020 Results
The company reported net income available to shareholders of $4,950 million in the first quarter of 2020, or $47.11 per diluted share, compared with a net loss available to shareholders of $737 million in the first quarter of 2019. During the quarter, as a result of significantly lower equity markets and lower interest rates, the value of our hedges, which the company uses to protect its balance sheet against adverse market conditions, increased, as expected, while corresponding liabilities are not reflected at fair value under U.S. GAAP accounting, and thus are less sensitive to market movements. The company ended the first quarter of 2020 with common stockholders' equity ("book value") of $20.0 billion, or $198.62 per common share, and book value, excluding accumulated other comprehensive income ("AOCI") of $17.3 billion, or $172.28 per common share.

For the first quarter of 2020, the company reported adjusted earnings* of $211 million, or $2.01 per diluted share.

Adjusted earnings for the quarter reflected $62 million after tax of the following unfavorable notable items, or $0.59 per diluted share:

$48 million unfavorable impact to the Run-off segment related to a reinsurance recapture and a one-time adjustment related to the transition to a new vendor, and
$14 million unfavorable impact to Corporate & Other as a result of establishment costs related to planned technology and other expenses associated with the company's separation from its former parent company.
__________________
* Information regarding the non-GAAP and other financial measures included in this news release and a reconciliation of such non-GAAP financial measures to the most directly comparable GAAP measures are provided in the Non-GAAP and Other Financial Disclosures discussion below, as well as in the tables that accompany this news release and/or the First Quarter 2020 Brighthouse Financial, Inc. Financial Supplement and/or the First Quarter 2020 Brighthouse Financial, Inc. Earnings Call Presentation (which are available on the Brighthouse Financial Investor Relations web page at http://investor.brighthousefinancial.com). Additional information regarding notable items can be found on the last page of this news release.
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The following information was filed by Brighthouse Financial, Inc. (BHF) on Monday, May 11, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Brighthouse Financial, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Equity (Unaudited)
Consolidated Statements Of Operations And Comprehensive Income (Unaudited)
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)
Derivatives
Derivatives (Credit Derivatives) (Details)
Derivatives (Derivatives Asset And Liability After Master Netting Arrangement Or A Similar Arrangement) (Details)
Derivatives (Derivatives Pertaining To Hedged Items - Narrative) (Details)
Derivatives (Primary Risks Managed By Derivatives) (Details)
Derivatives (Tables)
Derivatives Derivatives (Derivatives Pertaining To Hedged Items) (Details) (Details)
Derivatives Derivatives (Estimated Fair Value Of Otc-Bilateral Derivatives) (Details)
Earnings Per Common Share
Earnings Per Common Share (Details)
Earnings Per Common Share (Tables)
Equity
Equity (Components Accumulated Other Comprehensive Income (Loss)) (Details)
Equity (Preferred Stock &Amp; Common Stock Repurchase Program - Narrative) (Details)
Equity (Reclassifications Out Of Accumulated Other Comprehensive Income (Loss)) (Details)
Equity (Tables)
Fair Value
Fair Value (Asset And Liabilities Measured - Quantitative Information) (Details)
Fair Value (Financial Instruments Carried At Other Than Fair Value) (Details)
Fair Value (Recurring Fair Value Measurements) (Details)
Fair Value (Tables)
Fair Value (Unobservable Input Reconciliation) (Details)
Insurance
Insurance (Guarantees Related To Annuity Contracts) (Details)
Insurance (Guarantees Related To Universal And Variable Life Contracts) (Details)
Insurance (Tables)
Investments
Investments (Changes In Net Unrealized Investment Gains (Losses)) (Details)
Investments (Components Of Net Investment Gains (Losses)) (Details)
Investments (Continuous Gross Unrealized Losses For Fixed Maturity Securities By Sector) (Details)
Investments (Credit Quality Of Mortgage Loans By Portfolio Segment) (Details)
Investments (Fixed Maturity Securities - Narrative) (Details)
Investments (Fixed Maturity Securities By Sector) (Details)
Investments (Invested Assets On Deposit, Held In Trust And Pledged As Collateral - Narrative) (Details)
Investments (Invested Assets On Deposit, Held In Trust And Pledged As Collateral) (Details)
Investments (Leveraged Leases - Narrative) (Details)
Investments (Maturities Of Fixed Maturity Securities) (Details)
Investments (Mortgage Loans - Narrative) (Details)
Investments (Mortgage Loans By Portfolio Segment) (Details)
Investments (Mortgage Loans In Nonaccrual Status By Portfolio Segment) (Details)
Investments (Net Investment Income - Narrative) (Details)
Investments (Net Investment Income) (Details)
Investments (Net Unrealized Investment Gains (Losses)) (Details)
Investments (Other Invested Assets - Narrative) (Details)
Investments (Past Due Mortgage Loans By Portfolio Segment) (Details)
Investments (Rollforward Of The Allowance For Credit Losses For Fixed Maturity Securities By Sector (Details)
Investments (Rollforward Of The Allowance For Credit Losses For Mortgage Loans By Portfolio Segment) (Details)
Investments (Sales Or Disposals Of Fixed Maturity Securities) (Details)
Investments (Securities Lending - Narrative) (Details)
Investments (Securities Lending Remaining Tenor) (Details)
Investments (Securities Lending) (Details)
Investments (Tables)
Investments (Variable Interest Entities) (Details)
Other Revenues And Other Expenses
Other Revenues And Other Expenses (Other Expenses) (Details)
Other Revenues And Other Expenses Other Revenues And Expenses (Tables)
Other Revenues And Other Expenses Other Revenues And Other Expenses (Other Revenues - Narrative) (Details)
Segment Information
Segment Information (Narrative) (Details)
Segment Information (Operating Results) (Details)
Segment Information (Reconciliation Of Operating Revenues To Total Revenues) (Details)
Segment Information (Tables)
Segment Information (Total Assets) (Details)
Subsequent Events
Ticker: BHF
CIK: 1685040
Form Type: 10-Q Quarterly Report
Accession Number: 0001685040-20-000018
Submitted to the SEC: Mon May 11 2020 4:20:52 PM EST
Accepted by the SEC: Mon May 11 2020
Period: Tuesday, March 31, 2020
Industry: Life Insurance

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