Brighthouse Financial Inc. reported a net loss available to shareholders of $294 million for the first quarter of 2025, or $5.04 per diluted share. This marks an improvement from a net loss of $519 million, or $8.22 per diluted share, reported in the same period last year.
The company attributed the volatility in its net income to differences between hedge targets and GAAP reserves, which are impacted by market performance.
On an adjusted basis, earnings for the first quarter were $235 million, or $4.01 per share, compared to an adjusted loss of $98 million, or $1.56 per share, a year ago.
At the end of the quarter, Brighthouse reported common stockholders’ equity, or book value of $3.5 billion, or $61.17 per common share. Excluding accumulated other comprehensive income (AOCI), the company’s book value stood at $8.2 billion, or $141.87 per share.
Meanwhile, Annuity sales for the company decreased 21% compared to the previous quarter, driven by lower sales of fixed annuities. However, the company saw an increase in sales of its Shield Level Annuities. Life insurance sales rose 24% quarter-over-quarter and 9% sequentially.
Corporate expenses for the quarter were $239 million, up from $207 million in Q1 2024, on a pretax basis. During the quarter, Brighthouse repurchased $59 million of its common stock, with an additional $26 million repurchased by May 6, 2025.
“Overall, we produced solid results in the quarter,” said Eric Steigerwalt (pictured above), president and CEO of Brighthouse. He also noted that the company’s estimated combined risk-based capital (RBC) ratio was within its target range.
Net investment income for the first quarter was about $1.30 billion, up from $1.25 billion a year earlier. The increase was primarily driven by asset growth.
As of March 31, 2025, Brighthouse’s estimated combined RBC ratio was between 420% and 440%, and the holding company’s liquid assets totaled $1 billion.
