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Brighthouse Financial, Inc. (BHF) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Brighthouse Financial, Inc.

CIK: 1685040 Ticker: BHF
PUBLIC RELATIONS

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

bhf-20191104_g11.jpg



Exhibit 99.1
FOR IMMEDIATE RELEASE
Brighthouse Financial Announces Fourth Quarter and Full Year 2020 Results
Fourth quarter 2020 net loss available to shareholders of $1,045 million, or $11.69 per diluted share, driven primarily by net derivative mark-to-market losses
Fourth quarter 2020 adjusted earnings, less notable items*, of $272 million, or $3.03 per diluted share
Annuity sales increased 58 percent over the fourth quarter of 2019 and 25 percent for full year 2020
Life sales increased 25 percent over the fourth quarter of 2019 and 124 percent for full year 2020
Estimated combined risk-based capital ("RBC") ratio of approximately 485 percent and holding company liquid assets of $1.7 billion
$511 million total subsidiary ordinary dividends paid to the holding company in the fourth quarter of 2020; $1.3 billion subsidiary ordinary dividends paid to the holding company for full year 2020
The company repurchased $473 million of its common stock for full year 2020, representing 17 percent of shares outstanding relative to year-end 2019; announced authorization of the repurchase of up to an additional $200 million of common stock
CHARLOTTE, NC, February 10, 2021
— Brighthouse Financial, Inc. ("Brighthouse Financial" or the "company") (Nasdaq: BHF) announced today its financial results for the fourth quarter and full year ended December 31, 2020.
Fourth Quarter and Full Year 2020 Results
The company reported a net loss available to shareholders of $1,045 million in the fourth quarter of 2020, or $11.69 per diluted share, compared with a net loss available to shareholders of $1,077 million in the fourth quarter of 2019. During the quarter, as a result of strong equity markets, the value of our hedges, which the company uses to protect its balance sheet against adverse market conditions, decreased, as expected. Most of the corresponding liabilities are not reflected at fair value under U.S. GAAP accounting and are, therefore, less sensitive to market movements.
The company ended the fourth quarter of 2020 with common stockholders' equity ("book value") of $16.7 billion, or $188.90 per common share, and book value, excluding accumulated other comprehensive income ("AOCI") of $10.9 billion, or $124.10 per common share.
For the fourth quarter of 2020, the company reported adjusted earnings* of $189 million, or $2.10 per diluted share, compared with adjusted earnings of $282 million, or $2.61 per diluted share, in the fourth quarter of 2019.
_______________
* 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 Fourth Quarter 2020 Brighthouse Financial, Inc. Financial Supplement and/or the Fourth Quarter and Full Year 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 Wednesday, February 10, 2021 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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Inside Brighthouse Financial, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
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)
Condensed Financial Information (Parent Company)
Condensed Financial Information (Parent Company) (Condensed Balance Sheets Insets) (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 Subsidiary Footnote) (Details)
Condensed Financial Information (Parent Company) (Long-Term And Short-Term Debt Footnote) (Details)
Consolidated Reinsurance
Consolidated Reinsurance (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)
Contingencies, Commitments And Guarantees
Contingencies, Commitments And Guarantees (Commitments Off Balance Sheet - Narrative) (Details)
Contingencies, Commitments And Guarantees (Contingencies - Narrative) (Details)
Contingencies, Commitments And Guarantees Contingencies, Commitments And Guarantees (Guarantees - Narrative) (Details)
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 (Dsi) (Details)
Deferred Policy Acquisition Costs, Value Of Business Acquired And Other Policy-Related Intangibles (Estimated Future Amortization - Narrative) (Details)
Deferred Policy Acquisition Costs, Value Of Business Acquired And Other Policy-Related Intangibles (Tables)
Derivatives
Derivatives (Credit Derivatives) (Details)
Derivatives (Credit Risk On Freestanding Derivatives) (Details)
Derivatives (Estimated Fair Value Of Derivatives Assets And Liabilities After Master Netting Agreements And Cash Collateral) (Details)
Derivatives (Narrative) (Details)
Derivatives (Primary Risks Managed By Derivatives) (Details)
Derivatives (Tables)
Derivatives Derivatives (Derivatives Pertaining To Hedged Items) (Details)
Earnings Per Common Share
Earnings Per Common Share (Details)
Earnings Per Common Share (Tables)
Employee Benefit Plan
Employee Benefit Plans (Employee Benefit Plans - Narrative) (Details)
Equity
Equity (Accumulated Other Comprehensive Income - Narrative) (Details)
Equity (Captive Dividend Restriction - Narrative) (Details)
Equity (Captive Equity And Income - Narrative) (Details)
Equity (Common Stock) (Details)
Equity (Components Of Accumulated Other Comprehensive Income (Loss)) (Details)
Equity (Dividend Restrictions - Narrative) (Details)
Equity (Dividend Restrictions) (Details)
Equity (Performance Share Units) (Details)
Equity (Preferred Stock &Amp; Common Stock - Narrative) (Details)
Equity (Preferred Stock Dividends) (Details)
Equity (Preferred Stock) (Details)
Equity (Reclassifications Out Of Accumulated Other Comprehensive Income (Loss)) (Details)
Equity (Share-Based Compensation (Narrative) (Details)
Equity (Share-Based Compensation) (Details)
Equity (Statutory Capital And Surplus) (Details)
Equity (Statutory Equity And Income - Narrative) (Details)
Equity (Statutory Net Income/Loss) (Details)
Equity (Stock Options) (Details)
Equity (Tables)
Fair Value
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 (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 (Net Operating Loss Carryforwards) (Details)
Income Tax (Provision For Income Tax) (Details)
Income Tax (Rate Reconciliation) (Details)
Income Tax (Reconciliation Of Unrecognized Tax Benefits) (Details)
Income Tax (Tables)
Income Tax (Tax Credit Carryforwards) (Details)
Insurance
Insurance (Fund Groupings) (Details)
Insurance (Future Policy Benefits - Narrative) (Details)
Insurance (Guarantees Related To Annuity Contracts) (Details)
Insurance (Guarantees Related To Universal And Variable Life Contracts) (Details)
Insurance (Guarantees) (Details)
Insurance (Insurance Liabilities) (Details)
Insurance (Obligations Under Funding Agreements - Narrative) (Details)
Insurance (Tables)
Investments
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 (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 (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 (Pcd Mortgage Loans) (Details)
Investments (Related Party Investment Transactions - Narrative) (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)
Long-Term Debt
Long-Term Debt (Details)
Long-Term Debt (Narrative) (Details)
Long-Term Debt (Tables)
Other Revenues And Other Expenses
Other Revenues And Other Expenses (Other Expenses) (Details)
Other Revenues And Other Expenses (Other Revenues - Narrative) (Details)
Other Revenues And Other Expenses (Tables)
Reinsurance
Reinsurance (Effects Of Reinsurance On Balance Sheet) (Details)
Reinsurance (Effects Of Reinsurance On Earnings) (Details)
Reinsurance (Reinsurance Introduction - Narrative) (Details)
Reinsurance (Reinsurance Recoverables - Narrative) (Details)
Reinsurance (Tables)
Reinsurance Reinsurance (Effects Of Reinsurance On Earnings - Related Party) (Details)
Reinsurance Reinsurance (Reinsurance Deposit Part B - Narrative) (Details)
Reinsurance Reinsurance (Reinsurance Related Party Narrative) (Details)
Related Party Transactions
Related Party Transactions (Narrative) (Details)
Segment Information
Segment Information (Assets) (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 Group) (Details)
Segment Information (Reconciliation Of Operating Revenues To Total Revenues) (Details)
Segment Information (Tables)
Subsequent Events
Subsequent Events (Details)
Ticker: BHF
CIK: 1685040
Form Type: 10-K Annual Report
Accession Number: 0001685040-21-000008
Submitted to the SEC: Wed Feb 24 2021 5:15:21 PM EST
Accepted by the SEC: Wed Feb 24 2021
Period: Thursday, December 31, 2020
Industry: Life Insurance

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