Brighthouse Financial, Inc. reported net income available to shareholders of $60 million, or $1.02 per diluted share, for the second quarter of 2025. This is an increase from $9 million in the prior-year quarter, as announced on August 7, 2025.
Adjusted earnings for the quarter were $198 million, or $3.43 per diluted share, which is a decrease from $346 million in the second quarter of 2024. The company noted that adjusted earnings were approximately $60 million below quarterly average run rate expectations, driven by lower alternative investment income and higher claims severity.
Annuity sales increased 8% quarter-over-quarter and 16% sequentially, primarily due to higher sales of fixed annuities, though Shield Level Annuities sales were lower. Life sales increased 18% quarter-over-quarter. The company repurchased $43 million of its common stock during the quarter, bringing year-to-date repurchases to $102 million.
The estimated combined Risk-Based Capital (RBC) ratio remained within the target range of 400% to 450% at quarter-end, and holding company liquid assets were maintained at a robust level. Corporate expenses were $202 million, a slight increase from the prior-year quarter.
Adjusted net investment income decreased by $24 million quarter-over-quarter, primarily due to lower alternative investment income. Statutory combined total adjusted capital increased to $5.6 billion at June 30, 2025, from $5.5 billion at March 31, 2025.
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