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Brighthouse Financial (BHF)

Brighthouse Financial, Inc. (Brighthouse Financial) is on a mission to help people achieve financial security. As one of the largest providers of annuities and life insurance in the U.S.,1 the company specializes in products designed to help people protect what they've earned and ensure it lasts.

Company profile

Ticker
BHF, BHFAL, BHFAP, BHFAO, BHFAN, BHFAM
Exchange
CEO
Eric Steigerwalt
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
Brighthouse Assignment Company • Brighthouse Connecticut Properties Ventures, LLC • Brighthouse Holdings, LLC • Brighthouse Investment Advisers, LLC • Brighthouse Life Insurance Company • Brighthouse Reinsurance Company • Brighthouse Renewables Holding, LLC • Brighthouse Securities, LLC • Brighthouse Services, LLC • Daniel/Brighthouse Midtown Atlanta Master Limited Liability Company ...

BHF stock data

Calendar

5 Aug 22
25 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
3 Sep 22 Edward A. Spehar Common Stock Payment of exercise Dispose F No No 46.88 4,246 199.05K 21,577
3 Sep 22 Edward A. Spehar Common Stock Option exercise Acquire M No No 0 9,554 0 25,823
3 Sep 22 Edward A. Spehar RSU Common Stock Option exercise Dispose M No No 0 9,554 0 0
1 Jul 22 Myles Lambert RSU Common Stock Grant Acquire A No No 0 23,468 0 23,468
8 Jun 22 C Edward Chaplin Common Stock Option exercise Acquire M No No 0 5,806 0 32,370
8 Jun 22 C Edward Chaplin RSU Common Stock Grant Acquire A No No 0 5,398 0 5,398
8 Jun 22 C Edward Chaplin RSU Common Stock Option exercise Dispose M No No 0 5,806 0 0
8 Jun 22 Britt Irene Chang RSU Common Stock Grant Acquire A No No 0 3,361 0 3,361
8 Jun 22 Britt Irene Chang RSU Common Stock Option exercise Acquire M No No 0 3,615 0 7,069
8 Jun 22 Britt Irene Chang RSU Common Stock Option exercise Dispose M No No 0 3,615 0 0
80.4% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 396 402 -1.5%
Opened positions 57 42 +35.7%
Closed positions 63 63
Increased positions 92 92
Reduced positions 140 141 -0.7%
13F shares Current Prev Q Change
Total value 2.36B 3.09B -23.6%
Total shares 57.74M 59.71M -3.3%
Total puts 366.4K 636.1K -42.4%
Total calls 261.5K 241.7K +8.2%
Total put/call ratio 1.4 2.6 -46.8%
Largest owners Shares Value Change
Dodge & Cox 9.29M $380.93M -1.0%
Vanguard 7.61M $312.11M -1.8%
BLK Blackrock 7.29M $299.13M -2.9%
Greenlight Capital 3.5M $143.57M -3.8%
Dimensional Fund Advisors 3.11M $127.76M +18.0%
STT State Street 2.32M $95.33M -1.3%
Geode Capital Management 1.03M $42.37M -5.2%
GS Goldman Sachs 928.33K $38.08M +4.5%
UBS UBS Group AG - Registered Shares 910.81K $37.36M +38.4%
Diamond Hill Capital Management 886.99K $36.38M -3.0%
Largest transactions Shares Bought/sold Change
TROW T. Rowe Price 660.02K -2.33M -77.9%
Jacobs Levy Equity Management 672.11K +521.92K +347.5%
Dimensional Fund Advisors 3.11M +474.42K +18.0%
RY Royal Bank Of Canada 442.55K +430.36K +3531.6%
Arrowstreet Capital, Limited Partnership 299.97K -386.11K -56.3%
Balyasny Asset Management 5.47K -369.19K -98.5%
MS Morgan Stanley 748.64K +358.6K +91.9%
Parametric Portfolio Associates 0 -339.41K EXIT
Acadian Asset Management 261K -257.99K -49.7%
UBS UBS Group AG - Registered Shares 910.81K +252.59K +38.4%

Financial report summary

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Risks
  • Differences between actual experience and actuarial assumptions and the effectiveness of our actuarial models may adversely affect our financial results, capitalization and financial condition
  • Guarantees within certain of our annuity products may decrease our earnings, decrease our capitalization, increase the volatility of our results, result in higher risk management costs and expose us to increased market risk
  • Our variable annuity exposure risk management strategy may not be effective, may result in significant volatility in our profitability measures and may negatively affect our statutory capital
  • Our analyses of scenarios and sensitivities that we may utilize in connection with our variable annuity risk management strategies may involve significant estimates based on assumptions and may, therefore, result in material differences from actual outcomes compared to the sensitivities calculated under such scenarios
  • We may not have sufficient assets to meet our future ULSG policyholder obligations and changes in interest rates may result in net income volatility
  • The ongoing COVID-19 pandemic could materially adversely affect our business, financial condition and results of operations, including our capitalization and liquidity
  • Changes in accounting standards issued by the Financial Accounting Standards Board may adversely affect our financial statements
  • A downgrade or a potential downgrade in our financial strength or credit ratings could result in a loss of business and materially adversely affect our financial condition and results of operations
  • Our indebtedness and the degree to which we are leveraged could cause a material adverse effect on our financial condition and results of operations
  • Our failure to comply with the agreements relating to our outstanding indebtedness, including as a result of events beyond our control, could result in an event of default that could materially and adversely affect our business, financial condition, results of operations or cash flows
  • Reinsurance may not be available, affordable or adequate to protect us against losses
  • If the counterparties to our reinsurance or indemnification arrangements or to the derivatives we use to hedge our business risks default or fail to perform, we may be exposed to risks we had sought to mitigate, which could materially adversely affect our financial condition and results of operations
  • We may not be able to take credit for reinsurance, our statutory life insurance reserve financings may be subject to cost increases and new financings may be subject to limited market capacity
  • Factors affecting our competitiveness may adversely affect our market share and profitability
  • We may experience difficulty in marketing and distributing products through our distribution channels
  • The failure of third parties to provide various services, or any failure of the practices and procedures that these third parties use to provide services to us, could have a material adverse effect on our business
  • Changes in our deferred income tax assets or liabilities, including changes in our ability to realize our deferred income tax assets, could adversely affect our financial condition or results of operations
  • As a holding company, BHF depends on the ability of its subsidiaries to pay dividends
  • Risks associated with climate change could adversely affect our business, financial condition and results of operations.
  • Extreme mortality events may adversely impact liabilities for policyholder claims
  • We could face difficulties, unforeseen liabilities, asset impairments or rating actions arising from business acquisitions or dispositions
  • If difficult conditions in the capital markets and the U.S. economy generally persist or are perceived to persist, they may materially adversely affect our business and results of operations
  • Adverse capital and credit market conditions may significantly affect our ability to meet liquidity needs and our access to capital
  • We are exposed to significant financial and capital markets risks which may adversely affect our financial condition, results of operations and liquidity, and may cause our net investment income and our profitability measures to vary from period to period
  • Should the need arise, we may have difficulty selling certain holdings in our investment portfolio or in our securities lending program in a timely manner and realizing full value given that not all assets are liquid
  • Our requirements to pledge collateral or make payments related to declines in estimated fair value of derivatives transactions or specified assets in connection with OTC-cleared, OTC-bilateral transactions and exchange traded derivatives may adversely affect our liquidity, expose us to central clearinghouse and counterparty credit risk, or increase our costs of hedging
  • Gross unrealized losses on fixed maturity securities and defaults, downgrades or other events may result in future impairments to the carrying value of such securities, resulting in a reduction in our profitability measures
  • Our valuation of securities and investments and the determination of the amount of allowances and impairments taken on our investments are subjective and, if changed, could materially adversely affect our financial condition or results of operations
  • Defaults on our mortgage loans and volatility in performance may adversely affect our profitability
  • The defaults or deteriorating credit of other financial institutions could adversely affect us
  • Ongoing military actions, the continued threat of terrorism, climate change as well as other catastrophic events may adversely affect the value of our investment portfolio and the level of claim losses we incur
  • Our insurance business is highly regulated, and changes in regulation and in supervisory and enforcement policies may materially impact our capitalization or cash flows, reduce our profitability and limit our growth
  • A decrease in the RBC ratio (as a result of a reduction in statutory surplus or increase in RBC requirements) of our insurance subsidiaries, or a change in the rating agency proprietary capital models for our insurance subsidiaries, could result in increased scrutiny by insurance regulators and rating agencies and could have a material adverse effect on our financial condition and results of operations
  • We are subject to federal and state securities laws and regulations and rules of self-regulatory organizations which, among other things, require that we distribute certain of our products through a registered broker-dealer; failure to comply with these laws or changes to these laws could have a material adverse effect on our operations and our profitability
  • Changes in tax laws or interpretations of such laws could reduce our earnings and materially impact our operations by increasing our corporate taxes and making some of our products less attractive to consumers
  • Litigation and regulatory investigations are common in our businesses and may result in significant financial losses or harm to our reputation
  • Any gaps in our policies and procedures may leave us exposed to unidentified or unanticipated risk, which could negatively affect our business
  • Any failure in cyber- or other information security systems, as well as the occurrence of events unanticipated in Brighthouse Financial’s or our third-party service providers’ disaster recovery systems and business continuity planning could result in a loss or disclosure of confidential information, damage to our reputation and impairment of our ability to conduct business effectively
  • Our associates and those of our third-party service providers may take excessive risks which could negatively affect our financial condition and business
  • Any failure to protect the confidentiality of client and employee information could adversely affect our reputation and have a material adverse effect on our business, financial condition and results of operations
  • If the Separation were to fail to qualify for non-recognition treatment for federal income tax purposes, then we could be subject to significant tax liabilities
  • Disputes or disagreements with MetLife may affect our financial statements and business operations, and our contractual remedies may not be sufficient
  • The price of our securities, including our common stock, may fluctuate significantly
  • We currently have no plans to declare and pay dividends on our common stock, and legal restrictions could limit our ability to pay dividends on our capital stock and our ability to repurchase our common stock at the level we wish
  • State insurance laws and Delaware corporate law, as well as certain provisions of our amended and restated certificate of incorporation and amended and restated bylaws, may prevent or delay an acquisition of us, which could decrease the trading price of our common stock
Management Discussion
  • Unless otherwise noted, all amounts in the following discussions of our results of operations are stated before income tax except for adjusted earnings, which are presented net of income tax.
  • Income available to shareholders before provision for income tax was $1.2 billion ($957 million, net of income tax), an increase of $1.2 billion ($947 million, net of income tax) from income available to shareholders before provision for income tax of $0 ($10 million, net of income tax) in the prior period.
  • •gains from GMLB Riders, see “— GMLB Riders for the Three Months and Six Months Ended June 30, 2022 and 2021.”

Content analysis

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