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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
  
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___                    
Commission File Number: 001-37905
 
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=13045239&doc=14
Brighthouse Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware
 
81-3846992
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
11225 North Community House Road,
Charlotte,
North Carolina
 
28277
(Address of principal executive offices)
 
(Zip Code)
(980) 365-7100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
BHF
The Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share
BHFAP
The Nasdaq Stock Market LLC
of 6.600% Non-Cumulative Preferred Stock, Series A
6.250% Junior Subordinated Debentures due 2058
BHFAL
The Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes þ  No ¨   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes þ    No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
þ
 
Accelerated filer
¨
 
Non-accelerated filer
¨
 
Smaller reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  No þ
As of August 2, 2019, 111,410,202 shares of the registrant’s common stock were outstanding.
 
 



Table of Contents
 
Page
 
   Item 1.
Consolidated Financial Statements (at June 30, 2019 (Unaudited) and December 31, 2018 and for the Three Months and Six Months Ended June 30, 2019 and 2018 (Unaudited)):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Item 2.
  Item 3.
  Item 4.
 
 
 
  Item 1.
  Item 1A.
  Item 2.
  Item 5.
  Item 6.
 
 


Table of Contents


Part I — Financial Information
Item 1. Financial Statements
Brighthouse Financial, Inc.
Interim Condensed Consolidated Balance Sheets
June 30, 2019 (Unaudited) and December 31, 2018
(In millions, except share and per share data)
 
 
June 30, 2019
 
December 31, 2018
Assets
 
 
 
 
Investments:
 
 
 
 
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $61,362 and $60,920, respectively)
 
$
67,211

 
$
62,608

Equity securities, at estimated fair value
 
153

 
140

Mortgage loans (net of valuation allowances of $64 and $57, respectively)
 
15,078

 
13,694

Policy loans
 
1,342

 
1,421

Real estate limited partnerships and limited liability companies
 
462

 
451

Other limited partnership interests
 
1,834

 
1,840

Short-term investments, principally at estimated fair value
 
793

 

Other invested assets, principally at estimated fair value
 
3,064

 
3,027

Total investments
 
89,937

 
83,181

Cash and cash equivalents
 
3,981

 
4,145

Accrued investment income
 
747

 
724

Premiums, reinsurance and other receivables
 
14,231

 
13,697

Deferred policy acquisition costs and value of business acquired
 
5,492

 
5,717

Current income tax recoverable
 

 
1

Other assets
 
610

 
573

Separate account assets
 
106,214

 
98,256

Total assets
 
$
221,212

 
$
206,294

Liabilities and Equity
 
 
 
 
Liabilities
 
 
 
 
Future policy benefits
 
$
38,280

 
$
36,209

Policyholder account balances
 
42,941

 
40,054

Other policy-related balances
 
3,041

 
3,000

Payables for collateral under securities loaned and other transactions
 
4,094

 
5,057

Long-term debt
 
4,365

 
3,963

Current income tax payable
 
14

 
15

Deferred income tax liability
 
1,364

 
972

Other liabilities
 
4,558

 
4,285

Separate account liabilities
 
106,214

 
98,256

Total liabilities
 
204,871

 
191,811

Contingencies, Commitments and Guarantees (Note 11)
 

 

Equity
 
 
 
 
Brighthouse Financial, Inc.’s stockholders’ equity:
 
 
 
 
Preferred stock, par value $0.01 per share; $425 aggregate liquidation preference at June 30, 2019
 

 

Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 120,593,413 and 120,448,018 shares issued, respectively; 112,644,952 and 117,532,336 shares outstanding, respectively
 
1

 
1

Additional paid-in capital
 
12,893

 
12,473

Retained earnings (deficit)
 
986

 
1,346

Treasury stock, at cost; 7,948,461 and 2,915,682 shares, respectively
 
(306
)
 
(118
)
Accumulated other comprehensive income (loss)
 
2,702

 
716

Total Brighthouse Financial, Inc.’s stockholders’ equity
 
16,276

 
14,418

Noncontrolling interests
 
65

 
65

Total equity
 
16,341

 
14,483

Total liabilities and equity
 
$
221,212

 
$
206,294

See accompanying notes to the interim condensed consolidated financial statements.

2

Table of Contents


Brighthouse Financial, Inc.
Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
For the Three Months and Six Months Ended June 30, 2019 and 2018 (Unaudited)
(In millions, except per share data)
 
Three Months Ended
 June 30,
 
Six Months Ended
 June 30,
 
2019
 
2018
 
2019
 
2018
Revenues
 
 
 
 
 
 
 
Premiums
$
232

 
$
223

 
$
459

 
$
452

Universal life and investment-type product policy fees
888

 
962

 
1,763

 
1,964

Net investment income
942

 
806

 
1,753

 
1,623

Other revenues
96

 
98

 
188

 
203

Net investment gains (losses)
63

 
(75
)
 
52

 
(79
)
Net derivative gains (losses)
149

 
(312
)
 
(1,154
)
 
(646
)
Total revenues
2,370

 
1,702

 
3,061

 
3,517

Expenses
 
 
 
 
 
 
 
Policyholder benefits and claims
845

 
813

 
1,617

 
1,551

Interest credited to policyholder account balances
265

 
269

 
523

 
536

Amortization of deferred policy acquisition costs and value of business acquired
170

 
246

 
192

 
551

Other expenses
621

 
691

 
1,213

 
1,309

Total expenses
1,901

 
2,019

 
3,545

 
3,947

Income (loss) before provision for income tax
469

 
(317
)
 
(484
)
 
(430
)
Provision for income tax expense (benefit)
85

 
(79
)
 
(133
)
 
(127
)
Net income (loss)
384

 
(238
)
 
(351
)
 
(303
)
Less: Net income (loss) attributable to noncontrolling interests

 
1

 
2

 
3

Net income (loss) attributable to Brighthouse Financial, Inc.
384

 
(239
)
 
(353
)
 
(306
)
Less: Preferred stock dividends
7

 

 
7

 

Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders
$
377

 
$
(239
)
 
$
(360
)
 
$
(306
)
Comprehensive income (loss)
$
1,416

 
$
(160
)
 
$
1,635

 
$
(1,085
)
Less: Comprehensive income (loss) attributable to noncontrolling interests

 
1

 
2

 
3

Comprehensive income (loss) attributable to Brighthouse Financial, Inc.
$
1,416

 
$
(161
)
 
$
1,633

 
$
(1,088
)
Earnings per common share:
 
 
 
 
 
 
 
Basic
$
3.28

 
$
(2.01
)
 
$
(3.10
)
 
$
(2.56
)
Diluted
$
3.27

 
$
(2.01
)
 
$
(3.10
)
 
$
(2.56
)
See accompanying notes to the interim condensed consolidated financial statements.

3

Table of Contents


Brighthouse Financial, Inc.
Interim Condensed Consolidated Statements of Equity
For the Six Months Ended June 30, 2019 and 2018 (Unaudited)
(In millions)
 
 
Preferred Stock
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings (Deficit)
 
Treasury Stock at Cost
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Brighthouse Financial, Inc.’s Stockholders’ Equity
 
Noncontrolling Interests
 
Total Equity
Balance at December 31, 2018
 
$

 
$
1

 
$
12,473

 
$
1,346

 
$
(118
)
 
$
716

 
$
14,418

 
$
65

 
$
14,483

Preferred stock issuance
 

 
 
 
412

 
 
 
 
 
 
 
412

 
 
 
412

Treasury stock acquired in connection with share repurchases
 
 
 
 
 
 
 
 
 
(52
)
 
 
 
(52
)
 
 
 
(52
)
Share-based compensation
 
 
 
 
 
4

 
 
 
 
 
 
 
4

 
 
 
4

Change in noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
 
 

 
(2
)
 
(2
)
Net income (loss)
 
 
 
 
 
 
 
(737
)
 
 
 
 
 
(737
)
 
2

 
(735
)
Other comprehensive income (loss), net of income tax
 
 
 
 
 
 
 
 
 
 
 
954

 
954

 
 
 
954

Balance at March 31, 2019
 

 
1

 
12,889

 
609

 
(170
)
 
1,670

 
14,999

 
65

 
15,064

Treasury stock acquired in connection with share repurchases
 
 
 
 
 
 
 
 
 
(136
)
 
 
 
(136
)
 
 
 
(136
)
Share-based compensation
 
 
 
 
 
4

 
 
 
 
 
 
 
4

 
 
 
4

Dividends on preferred stock
 
 
 
 
 
 
 
(7
)
 
 
 
 
 
(7
)
 
 
 
(7
)
Net income (loss)
 
 
 
 
 
 
 
384

 
 
 
 
 
384

 

 
384

Other comprehensive income (loss), net of income tax
 
 
 
 
 
 
 
 
 
 
 
1,032

 
1,032

 
 
 
1,032

Balance at June 30, 2019
 
$

 
$
1

 
$
12,893

 
$
986

 
$
(306
)
 
$
2,702

 
$
16,276

 
$
65

 
$
16,341


 
 
Preferred Stock
 
Common Stock
 
Additional Paid-in Capital
 
Retained Earnings (Deficit)
 
Treasury Stock at Cost
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Brighthouse Financial, Inc.’s Stockholders’ Equity
 
Noncontrolling Interests
 
Total Equity
Balance at December 31, 2017
 
$

 
$
1

 
$
12,432

 
$
406

 
$

 
$
1,676

 
$
14,515

 
$
65

 
$
14,580

Cumulative effect of change in accounting principle and other, net of income tax
 
 
 
 
 
 
 
75

 
 
 
(79
)
 
(4
)
 
 
 
(4
)
Balance at January 1, 2018
 

 
1

 
12,432

 
481

 

 
1,597

 
14,511

 
65

 
14,576

Change in noncontrolling interests
 
 
 
 
 
 
 
 
 
 
 
 
 

 
(2
)
 
(2
)
Net income (loss)
 
 
 
 
 
 
 
(67
)
 
 
 
 
 
(67
)
 
2

 
(65
)
Other comprehensive income (loss), net of income tax
 
 
 
 
 
 
 
 
 
 
 
(860
)
 
(860
)
 
 
 
(860
)
Balance at March 31, 2018
 

 
1

 
12,432

 
414

 

 
737

 
13,584

 
65