Brighthouse Financial, Inc. reported a net loss available to shareholders of $294 million, or $5.04 per diluted share, for the first quarter of 2025. This represents an improvement from a net loss of $519 million in the prior-year quarter.
The company posted adjusted earnings of $235 million, or $4.01 per diluted share, a significant turnaround from an adjusted loss of $98 million in the first quarter of 2024. This quarter's adjusted earnings included a $10 million unfavorable notable item related to an actuarial model refinement.
Annuity sales decreased 21% quarter-over-quarter, primarily due to lower fixed annuities sales, but sales of the flagship Shield Level Annuities Product Suite increased 5% quarter-over-quarter and 3% sequentially. Life sales also showed growth, increasing 24% quarter-over-quarter and 9% sequentially.
Brighthouse Financial repurchased $59 million of its common stock during the first quarter of 2025. The estimated combined Risk-Based Capital (RBC) ratio remained within the company's target range, and holding company liquid assets were maintained at a robust level.
Corporate expenses for the quarter were $239 million, an increase from both the prior-year quarter and the previous quarter. Adjusted net investment income was $1.291 billion, showing a quarter-over-quarter increase but a sequential decrease, primarily due to lower alternative investment income.
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