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BHF Brighthouse Financial

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
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

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Calendar

6 Aug 21
25 Sep 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 4.88B 4.88B 4.88B 4.88B 4.88B 4.88B
Cash burn (monthly) (positive/no burn) 203.58M (positive/no burn) 491.33M (positive/no burn) (positive/no burn)
Cash used (since last report) n/a 581.44M n/a 1.4B n/a n/a
Cash remaining n/a 4.3B n/a 3.48B n/a n/a
Runway (months of cash) n/a 21.1 n/a 7.1 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
10 Jun 21 Britt Irene Chang RSU Common Stock Grant Acquire A No No 0 3,615 0 3,615
10 Jun 21 Britt Irene Chang RSU Common Stock Option exercise Acquire M No No 0 3,454 0 3,454
10 Jun 21 Britt Irene Chang RSU Common Stock Option exercise Dispose M No No 0 3,454 0 0
10 Jun 21 C Edward Chaplin Common Stock Option exercise Acquire M No No 0 6,332 0 26,564
10 Jun 21 C Edward Chaplin RSU Common Stock Grant Acquire A No No 0 5,806 0 5,806
10 Jun 21 C Edward Chaplin RSU Common Stock Option exercise Dispose M No No 0 6,332 0 0
10 Jun 21 Hooley Stephen C RSU Common Stock Grant Acquire A No No 0 3,615 0 3,615
10 Jun 21 Hooley Stephen C RSU Common Stock Option exercise Acquire M No No 0 3,350 0 3,350
10 Jun 21 Hooley Stephen C RSU Common Stock Option exercise Dispose M No No 0 3,350 0 0
10 Jun 21 Mallesch Eileen A RSU Common Stock Grant Acquire A No No 0 3,615 0 3,615

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

80.2% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 398 405 -1.7%
Opened positions 46 66 -30.3%
Closed positions 53 65 -18.5%
Increased positions 76 88 -13.6%
Reduced positions 140 142 -1.4%
13F shares
Current Prev Q Change
Total value 3.26B 3.11B +4.5%
Total shares 66.67M 70.45M -5.4%
Total puts 307.2K 138.1K +122.4%
Total calls 1.21M 788.2K +53.9%
Total put/call ratio 0.3 0.2 +44.6%
Largest owners
Shares Value Change
Dodge & Cox 9.6M $437.33M -1.8%
Vanguard 8.22M $374.39M -0.8%
BLK Blackrock 7.86M $358.05M -12.4%
TROW T. Rowe Price 4.79M $217.94M +1.7%
Greenlight Capital 3.64M $165.78M 0.0%
STT State Street 2.5M $113.93M +8.4%
Dimensional Fund Advisors 1.96M $89.39M +13.8%
Arrowstreet Capital, Limited Partnership 1.69M $76.99M -0.2%
EJF Capital 1.23M $55.95M -12.0%
Geode Capital Management 1.13M $51.45M -0.0%
Largest transactions
Shares Bought/sold Change
BLK Blackrock 7.86M -1.12M -12.4%
Citadel Advisors 362.99K -553.01K -60.4%
Masters Capital Management 100K -400K -80.0%
WFC Wells Fargo & Co. 101.2K -324.82K -76.2%
Victory Capital Management 333.92K +306.86K +1133.8%
UBS UBS Group AG - Registered Shares 155.54K -283.94K -64.6%
Dimensional Fund Advisors 1.96M +238.06K +13.8%
Amundi Pioneer Asset Management 0 -226.14K EXIT
Amundi 224.24K +224.24K NEW
Susquehanna International 396.03K +209.86K +112.7%

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
  • The terms of our indebtedness could restrict our operations and use of funds, resulting in 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
  • 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
  • The continued threat of terrorism, ongoing military actions 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 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’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 $0 ($10 million, net of income tax), an increase of $2.5 billion ($2.0 billion, net of income tax) from a loss available to shareholders before provision for income tax of $2.5 billion ($2.0 billion, net of income tax) in the prior period.
  • •higher pre-tax adjusted earnings, as discussed in greater detail below.
Content analysis
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Uncertain
Constraining
Legalese
Litigous
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Removed: correlation, larger