Brighthouse Financial, Inc. announced net income available to shareholders of $646 million, or $10.79 per diluted share, for the fourth quarter of 2024. This marks a significant improvement from a net loss of $942 million in the prior-year quarter. Adjusted earnings for the quarter were $304 million, or $5.07 per diluted share, compared to $177 million in Q4 2023.
For the full year 2024, the company reported net income of $286 million, or $4.64 per diluted share, a turnaround from a $1.214 billion net loss in 2023. Full year adjusted earnings, less notable items, reached $1.209 billion, or $19.63 per diluted share, up from $930 million in 2023.
Brighthouse Financial continued its capital return program, repurchasing $60 million of common stock in Q4 and $250 million for the full year 2024, reducing outstanding shares by approximately 8%. The company's estimated combined RBC ratio was approximately 400% at year-end 2024, at the low end of its target range, supported by a $100 million capital contribution to Brighthouse Life Insurance Company.
The company achieved record sales for its Shield Level Annuities Product Suite, totaling $7.7 billion in 2024, an increase of 12% year-over-year. Life insurance sales also reached a record $120 million, up 18% year-over-year, driven by Brighthouse SmartCare. Corporate expenses were managed effectively, reaching their lowest full-year level since 2017, a 7% decrease from 2023.
Strategic initiatives included fully transitioning to hedging Shield annuity new business on a standalone basis by year-end 2024, aiming to simplify its variable annuity and Shield hedging strategy. Adjusted net investment income increased to $1.376 billion in Q4 2024, driven by higher alternative investment income and asset growth.
Statutory combined total adjusted capital was $5.4 billion at December 31, 2024, a decrease from $5.7 billion at September 30, 2024. Book value per common share, excluding AOCI, stood at $145.63 at year-end 2024.
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