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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, 2020
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
https://cdn.kscope.io/8d063ea18d3d574c6aa7a8aff27fc0f3-bhf-20200630_g1.jpg
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 classTrading symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareBHFThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 6.600% Non-Cumulative Preferred Stock, Series ABHFAPThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 6.750% Non-Cumulative Preferred Stock, Series BBHFAOThe Nasdaq Stock Market LLC
6.250% Junior Subordinated Debentures due 2058BHFALThe 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 filerþAccelerated 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 5, 2020, 93,022,838 shares of the registrant’s common stock were outstanding.
 



Table of Contents
Page
  Item 1.
Consolidated Financial Statements (at June 30, 2020 (Unaudited) and December 31, 2019 and for the Three Months and Six Months Ended June 30, 2020 and 2019 (Unaudited)):
  Item 2.
  Item 3.
  Item 4.
  Item 1.
  Item 1A.
  Item 2.
  Item 6.


Table of Contents
Part I — Financial Information
Item 1. Financial Statements
Brighthouse Financial, Inc.
Interim Condensed Consolidated Balance Sheets
June 30, 2020 (Unaudited) and December 31, 2019
(In millions, except share and per share data)
June 30, 2020December 31, 2019
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $66,496 and $64,079, respectively; allowance for credit losses of $5 and $0, respectively)
$76,796  $71,036  
Equity securities, at estimated fair value129  147  
Mortgage loans (net of allowance for credit losses of $92 and $64, respectively)
15,791  15,753  
Policy loans1,201  1,292  
Limited partnerships and limited liability companies2,354  2,380  
Short-term investments, principally at estimated fair value4,537  1,958  
Other invested assets, principally at estimated fair value (net of allowance for credit losses of $13 and $0, respectively)
6,364  3,216  
Total investments
107,172  95,782  
Cash and cash equivalents7,325  2,877  
Accrued investment income664  684  
Premiums, reinsurance and other receivables15,218  14,760  
Deferred policy acquisition costs and value of business acquired4,856  5,448  
Current income tax recoverable1  17  
Other assets532  584  
Separate account assets99,599  107,107  
Total assets
$235,367  $227,259  
Liabilities and Equity
Liabilities
Future policy benefits$41,841  $39,686  
Policyholder account balances50,338  45,771  
Other policy-related balances3,152  3,111  
Payables for collateral under securities loaned and other transactions7,876  4,391  
Long-term debt3,979  4,365  
Deferred income tax liability2,567  1,355  
Other liabilities5,041  5,236  
Separate account liabilities99,599  107,107  
Total liabilities
214,393  211,022  
Contingencies, Commitments and Guarantees (Note 11)
Equity
Brighthouse Financial, Inc.’s stockholders’ equity:
Preferred stock, par value $0.01 per share; $828 and $425, respectively, aggregate liquidation preference
    
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 120,921,446 and 120,647,871 shares issued, respectively; 92,979,854 and 106,027,301 shares outstanding, respectively
1  1  
Additional paid-in capital13,307  12,908  
Retained earnings (deficit)3,523  585  
Treasury stock, at cost; 27,941,592 and 14,620,570 shares, respectively
(887) (562) 
Accumulated other comprehensive income (loss)4,965  3,240  
Total Brighthouse Financial, Inc.’s stockholders’ equity
20,909  16,172  
Noncontrolling interests65  65  
Total equity
20,974  16,237  
Total liabilities and equity
$235,367  $227,259  
See accompanying notes to the interim condensed consolidated financial statements.
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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, 2020 and 2019 (Unaudited)
(In millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2020201920202019
Revenues
Premiums
$193  $232  $391  $459  
Universal life and investment-type product policy fees
827  888  1,713  1,763  
Net investment income
652  942  1,568  1,753  
Other revenues
93  96  195  188  
Net investment gains (losses)
(34) 63  (53) 52  
Net derivative gains (losses)
(2,653) 149  4,249  (1,154) 
Total revenues
(922) 2,370  8,063  3,061  
Expenses
Policyholder benefits and claims
839  845  2,026  1,617  
Interest credited to policyholder account balances
276  265  535  523  
Amortization of deferred policy acquisition costs and value of business acquired
(92) 170  678  192  
Other expenses
577  621  1,094  1,213  
Total expenses
1,600  1,901  4,333  3,545  
Income (loss) before provision for income tax
(2,522) 469  3,730  (484) 
Provision for income tax expense (benefit)
(531) 85  762  (133) 
Net income (loss)
(1,991) 384  2,968  (351) 
Less: Net income (loss) attributable to noncontrolling interests
    2  2  
Net income (loss) attributable to Brighthouse Financial, Inc.
(1,991) 384  2,966  (353) 
Less: Preferred stock dividends
7  7  14  7  
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders
$(1,998) $377  $2,952  $(360) 
Comprehensive income (loss)$327  $1,416  $4,693  $1,635  
Less: Comprehensive income (loss) attributable to noncontrolling interests    2  2  
Comprehensive income (loss) attributable to Brighthouse Financial, Inc.
$327  $1,416  $4,691  $1,633  
Earnings per common share
Basic
$(21.10) $3.28  $29.60  $(3.10) 
Diluted
$(21.10) $3.27  $29.56  $(3.10) 
See accompanying notes to the interim condensed consolidated financial statements.
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Table of Contents
Brighthouse Financial, Inc.
Interim Condensed Consolidated Statements of Equity
For the Three Months and Six Months Ended June 30, 2020 and 2019 (Unaudited)
(In millions)
Preferred StockCommon StockAdditional Paid-in CapitalRetained Earnings (Deficit)Treasury Stock at CostAccumulated
Other
Comprehensive
Income (Loss)
Brighthouse Financial, Inc.’s Stockholders’ EquityNoncontrolling InterestsTotal Equity
Balance at December 31, 2019$  $1  $12,908  $585  $(562) $3,240  $16,172  $65  $16,237  
Cumulative effect of change in accounting principle, net of income tax (Note 1)
(14) 3  (11) (11) 
Balance at January 1, 2020
  1  12,908  571  (562) 3,243  16,161  65  16,226  
Treasury stock acquired in connection with share repurchases
(142) (142) (142) 
Share-based compensation
3  (2) 1  1  
Dividends on preferred stock
(7) (7) (7) 
Change in noncontrolling interests
  (2) (2) 
Net income (loss)
4,957  4,957  2  4,959  
Other comprehensive income (loss), net of income tax
(596) (596) (596) 
Balance at March 31, 2020
  1  12,911  5,521  (706) 2,647  20,374  65  20,439  
Preferred stock issuance
  390390  390  
Treasury stock acquired in connection with share repurchases
(180) (180) (180) 
Share-based compensation
  6  (1) 5  5  
Dividends on preferred stock
(7) (7) (7) 
Change in noncontrolling interests
      
Net income (loss)
(1,991) (1,991)   (1,991) 
Other comprehensive income (loss), net of income tax
2,318  2,318  2,318  
Balance at June 30, 2020$  $1  $13,307  $3,523  $(887) $4,965  $20,909  $65  $20,974  
Preferred StockCommon StockAdditional Paid-in CapitalRetained Earnings (Deficit)Treasury Stock at CostAccumulated
Other
Comprehensive
Income (Loss)
Brighthouse Financial, Inc.’s Stockholders’ EquityNoncontrolling InterestsTotal Equity
Balance at December 31, 2018$  $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