Brighthouse Financial, Inc. announced on November 8, 2024, the completion of a reinsurance transaction with a third party. This strategic move involves a legacy block of the company’s fixed and payout annuities, aiming to optimize its balance sheet.
The completion of this transaction had a positive impact on the company's capital metrics. It resulted in an increase in the estimated combined Risk-Based Capital (RBC) ratio, which stood between 400% and 420% as of the end of the third quarter.
CEO Eric Steigerwalt stated that this transaction reflects ongoing progress against several strategic initiatives. These initiatives are designed to improve capital efficiency, unlock capital, and help the company maintain its target combined RBC ratio range in normal market conditions.
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