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Brighthouse Financial(BHF) - 2024 Q4 - Annual Results
BHFBrighthouse Financial(BHF)2025-02-11 21:35

Financial Performance - Net income available to shareholders for Q4 2024 was 646million,asignificantincreasefromalossof646 million, a significant increase from a loss of 942 million in Q4 2023[9] - Adjusted earnings for Q4 2024 were 304million,comparedto304 million, compared to 177 million in Q4 2023[9] - Total revenues for Q4 2024 were 1,205million,downfrom1,205 million, down from 1,400 million in Q4 2023[12] - Total adjusted revenues for Q4 2024 reached 2,273million,a6.62,273 million, a 6.6% increase from 2,133 million in Q4 2023[15] - Adjusted earnings after provision for income tax for Q4 2024 were 330million,comparedto330 million, compared to 177 million in Q4 2023, representing an increase of 86.1%[15] - For the year ended December 31, 2024, total adjusted revenues were 8,718million,up4.18,718 million, up 4.1% from 8,375 million in 2023[16] - Adjusted earnings after provision for income tax for the year 2024 were 1,319million,asignificantincreasefrom1,319 million, a significant increase from 969 million in 2023, reflecting a growth of 36.1%[16] - Total adjusted revenues for the year ended December 31, 2024, amounted to 8,718million,upfrom8,718 million, up from 8,375 million in the previous year, indicating an increase of about 4%[75] - Adjusted earnings, less notable items, for the year ended December 31, 2024, reached 1,209million,comparedto1,209 million, compared to 930 million for the previous year, reflecting a growth of approximately 30%[72] Capital and Assets - Combined total adjusted capital as of December 31, 2024, was 5,400million,adecreasefrom5,400 million, a decrease from 6,283 million a year earlier[9] - Total assets as of December 31, 2024, were 238,537million,anincreasefrom238,537 million, an increase from 236,340 million a year earlier[13] - Total liabilities as of December 31, 2024, were 233,513million,comparedto233,513 million, compared to 231,332 million a year earlier[13] - Book value per common share as of December 31, 2024, was 55.60,comparedto55.60, compared to 51.08 a year earlier[9] - The company's common stockholders' equity, excluding AOCI, was 8,151millionasofDecember31,2024,downfrom8,151 million as of December 31, 2024, down from 9,269 million a year earlier[74] Risk Management - The combined risk-based capital ratio was approximately 400% as of December 31, 2024, consistent with the previous quarter[9] - The risk-based capital (RBC) ratio is reported as a preliminary range for all periods, except those ended December 31[5] - The risk-based capital ratio ensures compliance with minimum regulatory capital requirements set by the National Association of Insurance Commissioners[70] Investment Income - Net investment income for annuities in Q4 2024 was 752million,anincreaseof9.2752 million, an increase of 9.2% from 689 million in Q4 2023[17] - Adjusted net investment income represents GAAP net investment income plus Investment Hedge Adjustments[56] - The adjusted net investment income yield for the three months ended December 31, 2024, was 4.51%, up from 4.16% in the same period last year[32] - The investment income yield for the quarter ended December 31, 2024, was 4.64%, an increase from 4.29% in the same quarter last year[76] Sales and Premiums - Premiums for annuities in Q4 2024 were 81million,adecreaseof12.981 million, a decrease of 12.9% from 93 million in Q4 2023[17] - Total fixed and income annuity sales for the year 2024 were 1,748million,adecreaseof43.81,748 million, a decrease of 43.8% from 3,109 million in 2023[20] - Total life sales for the year ended December 31, 2024, reached 120million,comparedto120 million, compared to 102 million for the previous year, reflecting a growth of approximately 17.6%[24] - Life insurance sales consist of 100% of annualized new premium for term life and first-year paid premium for whole life, universal life, and variable universal life[67] - Annuity sales consist of 100% of direct statutory premiums, excluding certain internal exchanges[68] Expenses - Total adjusted expenses for Q4 2024 were 1,872million,anincreasefrom1,872 million, an increase from 1,890 million in Q4 2023[15] - Total expenses for the three months ended December 31, 2024, were 371million,adecreasefrom371 million, a decrease from 2,574 million in the same period last year[75] - Total adjusted expenses for the same period were 254million,downfrom254 million, down from 335 million in the prior quarter, resulting in adjusted earnings of 52million[22]OtherFinancialMetrics−Thecompanyreportedareturnoncommonequityof9.452 million[22] Other Financial Metrics - The company reported a return on common equity of 9.4% for Q4 2024, a recovery from a negative return of 36.3% in Q4 2023[9] - The adjusted return on common equity, excluding AOCI, was 16.2% for the quarter ended December 31, 2024, compared to 10.5% in the same quarter last year[74] - Net derivative losses for the three months ended December 31, 2024, amounted to (992) million, a significant increase from (93)millioninthepreviousquarter[29]−NormalizedstatutoryearningsfortheyearendedDecember31,2024,were(93) million in the previous quarter[29] - Normalized statutory earnings for the year ended December 31, 2024, were (1.3) billion, compared to (0.2)billionin2023[33]−ThetotalchangeinmarketriskbenefitsfortheyearendedDecember31,2024,was(0.2) billion in 2023[33] - The total change in market risk benefits for the year ended December 31, 2024, was 2,673 million, up from 1,507millionin2023[29]CapitalContributions−Thecompanyplanstocontinuefocusingoncapitalcontributionsandriskmanagementstrategiestoenhancefinancialstability[10]−Thecompanymadea1,507 million in 2023[29] Capital Contributions - The company plans to continue focusing on capital contributions and risk management strategies to enhance financial stability[10] - The company made a 100 million capital contribution to Brighthouse Life Insurance Company after December 31, 2024[2]