Docoh
Loading...

BRIGHTHOUSE LIFE INSURANCE

Brighthouse Life Insurance Company is a Delaware corporation originally incorporated in Connecticut in 1863. Brighthouse Life Insurance Company is licensed to issue insurance products in all U.S. states (except New York), the District of Columbia, the Bahamas, Guam, Puerto Rico, the British Virgin Islands and the U.S. Virgin Islands. The Company offers a range of individual annuities and individual life insurance products. The Company is organized into three reporting segments: Annuities; Life; and Run-off. In addition, the Company reports certain of its results of operations in Corporate & Other. See “— Segments and Corporate & Other,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Overview” and Note 2 of the Notes to the Consolidated Financial Statements for further information on the Company’s segments and Corporate & Other.

Company profile

Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
Former names
MetLife Insurance CO of Connecticut, MetLife Insurance Co USA, TRAVELERS INSURANCE CO
SEC CIK

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

11 May 21
3 Aug 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 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) 3.71B 3.71B 3.71B 3.71B 3.71B 3.71B
Cash burn (monthly) (positive/no burn) 399.83M 198M 703M (positive/no burn) (positive/no burn)
Cash used (since last report) n/a 1.65B 818.35M 2.91B n/a n/a
Cash remaining n/a 2.06B 2.89B 804.45M n/a n/a
Runway (months of cash) n/a 5.1 14.6 1.1 n/a n/a

Beta Read what these cash burn values mean

Financial report summary

?
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
  • 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 ratings could result in a loss of business and materially adversely affect our financial condition and results of operations
  • An inability to access credit facilities could result in a reduction in our liquidity and lead to downgrades in Brighthouse’s credit ratings and our financial strength ratings
  • 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
  • Brighthouse 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
  • Extreme mortality events may adversely impact liabilities for policyholder claims
  • Brighthouse 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 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 of Brighthouse Life Insurance Company or BHNY (as a result of a reduction in statutory surplus or increase in RBC requirements) 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
  • Brighthouse’s 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 Brighthouse’s contractual remedies may not be sufficient
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.
  • Loss before provision for income tax was $594 million ($453 million, net of income tax), a decrease of $6.7 billion ($5.3 billion, net of income tax) from income before provision for income tax of $6.1 billion ($4.8 billion, net of income tax) in the prior period.
  • •current period losses on interest rate derivatives that we use to hedge our universal life with secondary guarantees (“ULSG”) business due to the increase in the benchmark long-term interest rate, which unfavorably impacted bond forwards and interest rate swaps.
Content analysis
?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. freshman Bad
New words: administered, approximately, attorney, catastrophic, compensatory, confidential, constructive, cyber, denied, downgrade, equitable, FABN, Farmer, FHLB, fiscal, GMAB, GMWB, imputed, Lawrence, Mac, Martin, narrowing, similarly, Southern, standalone, Stressed
Removed: Additionally, admitted, aid, assurance, borrow, borrowing, consisting, continuity, declining, development, enacted, ensuring, evolving, extraordinary, facility, focused, footnote, formula, forward, health, implementation, implemented, impossible, independently, intended, led, manage, marketed, mitigating, monitoring, operational, ordinary, promissory, prompted, promptly, proportionate, prudent, quickly, reflected, remain, retained, revolving, safety, shifted, successfully, suite, supporting, swift, temporary, timetable, unemployment, USA, vaccine, widening

Proxies

No filings