CHARLOTTE, N.C.--(BUSINESS WIRE)--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, 2024.
Fourth Quarter and Full Year 2024 Results
The company reported net income available to shareholders of $646 million in the fourth quarter of 2024, or $10.79 per diluted share, compared with a net loss available to shareholders of $942 million in the fourth quarter of 2023, or $14.70 per diluted share. The company anticipates volatility in net income (loss) given the differences between its hedge target and GAAP reserves, which are impacted by market performance.
The company ended the fourth quarter of 2024 with common stockholders' equity ("book value") of $3.3 billion, or $55.60 per common share, and book value, excluding accumulated other comprehensive income ("AOCI") of $8.5 billion, or $145.63 per common share.
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| * 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 2024 Brighthouse Financial, Inc. Financial Supplement and/or the Fourth Quarter and Full Year 2024 Brighthouse Financial, Inc. Earnings Call Presentation (which are available on the Brighthouse Financial Investor Relations webpage at http://investor.brighthousefinancial.com). Additional information regarding notable items can be found on the last page of this news release. |
For the fourth quarter of 2024, the company reported adjusted earnings* of $304 million, or $5.07 per diluted share, compared with adjusted earnings of $177 million, or $2.73 per diluted share, in the fourth quarter of 2023.
Adjusted earnings for the quarter reflect a $48 million unfavorable notable item, or $0.80 per diluted share, related to actuarial model updates.
Corporate expenses in the fourth quarter of 2024 were $210 million, down from $244 million in the fourth quarter of 2023 and up from $203 million in the third quarter of 2024, all on a pre-tax basis.
The company's annuity sales decreased 18% quarter-over-quarter, 11% sequentially and 5% year-over-year, primarily driven by lower sales of fixed deferred annuities, partially offset by record sales of Shield Level Annuities. Life sales in 2024 were a record $120 million and increased 14% quarter-over-quarter, 10% sequentially and 18% year-over-year, driven by sales of Brighthouse SmartCare.
On a full year basis, the company reported net income available to shareholders of $286 million in 2024, or $4.64 per diluted share, compared with net loss available to shareholders of $1,214 million in 2023, or $18.39 per diluted share. The company anticipates volatility in net income (loss) given the differences between its hedge target and GAAP reserves, which are impacted by market performance. Full year 2024 adjusted earnings, less notable items*, were $1,209 million, or $19.63 per diluted share, compared with full year 2023 adjusted earnings, less notable items, of $930 million, or $13.99 per diluted share.
During the fourth quarter of 2024, the company repurchased $60 million of its common stock, and for the full year 2024 repurchased $250 million of its common stock, reducing shares outstanding relative to year-end 2023 by approximately 8%. Year-to-date through February 7, 2025, the company has repurchased an additional approximately $25 million of its common stock, on a trade date basis.
“During the quarter, we continued to make progress on our capital-focused strategic initiatives, including completing a reinsurance transaction with a third party to reinsure a legacy block of universal life and variable universal life products and fully transitioning to hedging all new business for our Shield Level Annuities Product Suite on a standalone basis,” said Eric Steigerwalt, president and CEO, Brighthouse Financial. “Additionally, our estimated combined RBC ratio as of the end of the year was approximately 400%, reflecting a $100 million capital contribution from our holding company to Brighthouse Life Insurance Company, and we continue to have a robust level of holding company liquid assets.”
"We also made further progress toward the execution of our focused strategy in 2024," Steigerwalt continued. "Our corporate expenses were down 7% over 2023, we delivered record sales of our Shield Level Annuities Product Suite and Brighthouse SmartCare and we repurchased $250 million of our common stock during the year.”
Key Metrics (Unaudited, dollars in millions except share and per share amounts)
| As of or For the Three Months Ended | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| Net income (loss) available to shareholders (1) | $646 | $10.79 | $(942) | $(14.70) | ||||
Results by Segment (Unaudited, in millions)
| ADJUSTED EARNINGS (LOSS) | December 31, 2024 | September 30, 2024 | December 31, 2023 | |||
| Annuities | $279 | $327 | $245 |
Contact Information
Contacts
FOR INVESTORS
Dana Amante
(980) 949-3073
damante@brighthousefinancial.com
FOR MEDIA
Deon Roberts
(980) 949-3071
deon.roberts@brighthousefinancial.com