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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 September 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/1bf28b8f9b8ba340b308e438fc8b11c2-bhf-20200930_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 November 4, 2020, 89,504,324 shares of the registrant’s common stock were outstanding.
 



Table of Contents
Page
  Item 1.
Consolidated Financial Statements (at September 30, 2020 (Unaudited) and December 31, 2019 and for the Three Months and Nine Months Ended September 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
September 30, 2020 (Unaudited) and December 31, 2019
(In millions, except share and per share data)
September 30, 2020December 31, 2019
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $68,061 and $64,079, respectively; allowance for credit losses of $4 and $0, respectively)
$79,338 $71,036 
Equity securities, at estimated fair value117 147 
Mortgage loans (net of allowance for credit losses of $90 and $64, respectively)
15,746 15,753 
Policy loans1,289 1,292 
Limited partnerships and limited liability companies2,562 2,380 
Short-term investments, principally at estimated fair value4,239 1,958 
Other invested assets, principally at estimated fair value (net of allowance for credit losses of $13 and $0, respectively)
5,038 3,216 
Total investments
108,329 95,782 
Cash and cash equivalents6,189 2,877 
Accrued investment income781 684 
Premiums, reinsurance and other receivables16,087 14,760 
Deferred policy acquisition costs and value of business acquired4,664 5,448 
Current income tax recoverable 17 
Other assets447 584 
Separate account assets103,184 107,107 
Total assets
$239,681 $227,259 
Liabilities and Equity
Liabilities
Future policy benefits$44,537 $39,686 
Policyholder account balances52,798 45,771 
Other policy-related balances3,088 3,111 
Payables for collateral under securities loaned and other transactions6,989 4,391 
Long-term debt3,979 4,365 
Current income tax payable72  
Deferred income tax liability1,816 1,355 
Other liabilities4,887 5,236 
Separate account liabilities103,184 107,107 
Total liabilities
221,350 211,022 
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; 120,970,368 and 120,647,871 shares issued, respectively; 91,158,927 and 106,027,301 shares outstanding, respectively
1 1 
Additional paid-in capital13,314 12,908 
Retained earnings (deficit)511 585 
Treasury stock, at cost; 29,811,441 and 14,620,570 shares, respectively
(941)(562)
Accumulated other comprehensive income (loss)5,381 3,240 
Total Brighthouse Financial, Inc.’s stockholders’ equity
18,266 16,172 
Noncontrolling interests65 65 
Total equity
18,331 16,237 
Total liabilities and equity
$239,681 $227,259 
See accompanying notes to the interim condensed consolidated financial statements.
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Brighthouse Financial, Inc.
Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
For the Three Months and Nine Months Ended September 30, 2020 and 2019 (Unaudited)
(In millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Revenues
Premiums$184 $214 $575 $673 
Universal life and investment-type product policy fees882 867 2,595 2,630 
Net investment income996 928 2,564 2,681 
Other revenues99 94 294 282 
Net investment gains (losses)5 27 (48)79 
Net derivative gains (losses)(1,857)1,057 2,392 (97)
Total revenues309 3,187 8,372 6,248 
Expenses
Policyholder benefits and claims3,047 1,319 5,073 2,936 
Interest credited to policyholder account balances281 272 816 795 
Amortization of deferred policy acquisition costs and value of business acquired244 181 922 373 
Other expenses580 611 1,674 1,824 
Total expenses4,152 2,383 8,485 5,928 
Income (loss) before provision for income tax(3,843)804 (113)320 
Provision for income tax expense (benefit)(850)119 (88)(14)
Net income (loss)(2,993)685 (25)334 
Less: Net income (loss) attributable to noncontrolling interests2 2 4 4 
Net income (loss) attributable to Brighthouse Financial, Inc.(2,995)683 (29)330 
Less: Preferred stock dividends17 7 31 14 
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders$(3,012)$676 $(60)$316 
Comprehensive income (loss)$(2,577)$1,550 $2,116 $3,185 
Less: Comprehensive income (loss) attributable to noncontrolling interests2 2 4 4 
Comprehensive income (loss) attributable to Brighthouse Financial, Inc.$(2,579)$1,548 $2,112 $3,181 
Earnings per common share
Basic
$(32.49)$6.09 $(0.61)$2.77 
Diluted
$(32.49)$6.06 $(0.61)$2.75 
See accompanying notes to the interim condensed consolidated financial statements.
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Brighthouse Financial, Inc.
Interim Condensed Consolidated Statements of Equity
For the Three Months and Nine Months Ended September 30, 2020 and 2019 (Unaudited)
(In millions)
Preferred StockCommon StockAdditional Paid-in CapitalRetained Earnings (Deficit)Treasury Stock at CostAccumulated
Other
Comprehensive
Income (Loss)
Brighthouse Financial, Inc.’s Stockholders’ EquityNoncontrolling InterestsTotal Equity
Balance at December 31, 2019$ $1 $12,908 $585 $(562)$3,240 $16,172 $65 $16,237 
Cumulative effect of change in accounting principle, net of income tax (Note 1)
(14)3 (11)(11)
Balance at January 1, 2020
 1 12,908 571 (562)3,243 16,161 65 16,226 
Preferred stock issuance
 390390 390 
Treasury stock acquired in connection with share repurchases
(322)(322)(322)
Share-based compensation
 9 (3)6 6 
Dividends on preferred stock
(14)(14)(14)
Change in noncontrolling interests
 (2)(2)
Net income (loss)
2,966 2,966 2 2,968 
Other comprehensive income (loss), net of income tax
1,722 1,722 1,722 
Balance at June 30, 2020  1 13,307 3,523 (887)4,965 20,909 65 20,974 
Treasury stock acquired in connection with share repurchases
(54)(54)(54)
Share-based compensation7 7 7 
Dividends on preferred stock(17)(17)(17)
Change in noncontrolling interests (2)(2)
Net income (loss)(2,995)(2,995)2 (2,993)
Other comprehensive income (loss), net of income tax
416 416 416 
Balance at September 30, 2020$ $1 $13,314 $511 $(941)$5,381 $18,266 $65 $18,331 
Preferred StockCommon StockAdditional Paid-in CapitalRetained Earnings (Deficit)Treasury Stock at CostAccumulated
Other
Comprehensive
Income (Loss)
Brighthouse Financial, Inc.’s Stockholders’ EquityNoncontrolling InterestsTotal Equity
Balance at December 31, 2018$ $1 $12,473 $1,346 $(118)$716 $14,418 $65 $14,483 
Preferred stock issuance
 412 412 412 
Treasury stock acquired in connection with share repurchases
(188)(188)(188)
Share-based compensation
8 8 8 
Dividends on preferred stock
(7)(7)(7)
Change in noncontrolling interests
 (2)(2)
Net income (loss)
(353)(353)2 (351)
Other comprehensive income (loss), net of income tax
1,986 1,986 1,986 
Balance at June 30, 2019 1 12,893 986 (306)2,702 16,276 65 16,341 
Treasury stock acquired in connection with share repurchase
(126)(126)(126)
Share-based compensation
4 4 4 
Dividends on preferred stock(7)(7)(7)
Change in noncontrolling interests
 (2)(2)
Net income (loss)
683 683 2 685 
Other comprehensive income (loss), net of income tax
865 865 865 
Balance at September 30, 2019$ $1 $12,897 $1,662 $(432)$3,567 $17,695 $65 $17,760 
See accompanying notes to the interim condensed consolidated financial statements.
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Brighthouse Financial, Inc.
Interim Condensed Consolidated Statements of Cash Flows
For the Nine Months Ended September 30, 2020 and 2019 (Unaudited)
(In millions)
Nine Months Ended
September 30,
20202019
Net cash provided by (used in) operating activities$515 $1,322 
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities6,011 11,888 
Equity securities54 29 
Mortgage loans1,232 933 
Limited partnerships and limited liability companies124 205 
Purchases of:
Fixed maturity securities(9,639)(13,412)
Equity securities(4)(3)
Mortgage loans(1,239)(2,625)
Limited partnerships and limited liability companies(423)(321)
Cash received in connection with freestanding derivatives5,280 1,179 
Cash paid in connection with freestanding derivatives(3,281)(1,705)
Net change in policy loans3 89 
Net change in short-term investments(2,269)(1,977)
Net change in other invested assets(19)21 
Other, net(14) 
Net cash provided by (used in) investing activities
(4,184)(5,699)
Cash flows from financing activities
Policyholder account balances:
Deposits7,143 5,689 
Withdrawals(1,552)(2,021)
Net change in payables for collateral under securities loaned and other transactions2,598 234 
Long-term debt issued614 1,000 
Long-term debt repaid(1,001)(601)
Preferred stock issued, net of issuance costs390 412 
Dividends on preferred stock(31)(14)
Treasury stock acquired in connection with share repurchases(376)(314)
Financing element on certain derivative instruments and other derivative related transactions, net(764)179 
Other, net(40)(43)
Net cash provided by (used in) financing activities6,981 4,521 
Change in cash, cash equivalents and restricted cash3,312 144 
Cash, cash equivalents and restricted cash, beginning of period2,877 4,145 
Cash, cash equivalents and restricted cash, end of period$6,189 $4,289 
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest$95 $108 
Income tax$(57)$8 
See accompanying notes to the interim condensed consolidated financial statements.
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Brighthouse Financial, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)
1. Business, Basis of Presentation and Summary of Significant Accounting Policies
Business
“Brighthouse Financial” and the “Company” refer to Brighthouse Financial, Inc. and its subsidiaries. Brighthouse Financial, Inc. (“BHF”) is a holding company formed in 2016 to own the legal entities that historically operated a substantial portion of MetLife, Inc.’s former retail segment until becoming a separate, publicly-traded company in August 2017. Brighthouse Financial is one of the largest providers of annuity and life insurance products in the United States through multiple independent distribution channels and marketing arrangements with a diverse network of distribution partners. The Company is organized into three segments: Annuities; Life; and Run-off. In addition, the Company reports certain of its results of operations in Corporate & Other.
Basis of Presentation
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.
Consolidation
The accompanying interim condensed consolidated financial statements include the accounts of Brighthouse Financial, as well as partnerships and limited liability companies (“LLCs”) that the Company controls. Intercompany accounts and transactions have been eliminated.
The Company uses the equity method of accounting for investments in limited partnerships and LLCs when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. When the Company has virtually no influence over the investee’s operations, the investment is carried at fair value.
Reclassifications
Certain amounts in the prior year periods’ interim condensed consolidated financial statements and related footnotes thereto have been reclassified to conform with the current period presentation as may be discussed when applicable in the Notes to the Interim Condensed Consolidated Financial Statements.
The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2019 consolidated balance sheet data was derived from audited consolidated financial statements included in Brighthouse Financial, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2019 Annual Report.
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Brighthouse Financial, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)
1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)
Adoption of New Accounting Pronouncements
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s consolidated financial statements. ASUs adopted as of September 30, 2020 are summarized as follows:
StandardDescriptionEffective DateImpact on Financial Statements
ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”)The amendments to Topic 326 replace the incurred loss impairment methodology for certain financial instruments with one that reflects expected credit losses based on historical loss information, current conditions, and reasonable and supportable forecasts. The new guidance also requires that an other-than-temporary impairment on a debt security will be recognized as an allowance going forward, such that improvements in expected future cash flows after an impairment will no longer be reflected as a prospective yield adjustment through net investment income, but rather a reversal of the previous impairment and recognized through realized investment gains and losses.January 1, 2020 using the modified retrospective method
The Company recorded an after tax net decrease to retained earnings of $14 million and a net increase to accumulated other comprehensive income (loss) (“AOCI”) of $3 million for the cumulative effect of adoption. The adjustment included establishing or updating the allowance for credit losses on fixed maturity securities, mortgage loans, and other invested assets.
ASUs issued but not yet adopted as of September 30, 2020 are summarized as follows:
StandardDescriptionEffective DateImpact on Financial Statements
ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration ContractsThe amendments to Topic 944 will result in significant changes to the accounting for long-duration insurance contracts. These changes (1) require all guarantees that qualify as market risk benefits to be measured at fair value, (2) require more frequent updating of assumptions and modify existing discount rate requirements for certain insurance liabilities, (3) modify the methods of amortization for deferred policy acquisition costs (“DAC”), and (4) require new qualitative and quantitative disclosures around insurance contract asset and liability balances and the judgments, assumptions and methods used to measure those balances. The market risk benefit guidance is required to be applied on a retrospective basis, while the changes to guidance for insurance liabilities and DAC may be applied to existing carrying amounts on the effective date or on a retrospective basis.January 1, 2023The Company continues to evaluate the new guidance and therefore is unable to estimate the impact to its financial statements. The most significant impact is expected to be the measurement of liabilities for variable annuity guarantees.
CARES Act
In response to the worldwide pandemic sparked by the novel coronavirus (the “COVID-19 pandemic”), on March 27, 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act contains numerous provisions intended to provide swift aid, including through tax relief, to businesses and individuals affected by the COVID-19 pandemic. The Company does not believe that the CARES Act will have a material impact to its consolidated financial statements at this time. The Company will continue to closely monitor developments related to the COVID-19 pandemic and the CARES Act.

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Brighthouse Financial, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

2. Segment Information
The Company is organized into three segments: Annuities; Life; and Run-off. In addition, the Company reports certain of its results of operations in Corporate & Other.
Annuities
The Annuities segment consists of a variety of variable, fixed, index-linked and income annuities designed to address contract holders’ needs for protected wealth accumulation on a tax-deferred basis, wealth transfer and income security.
Life
The Life segment consists of insurance products and services, including term, universal, whole and variable life products designed to address policyholders’ needs for financial security and protected wealth transfer, which may be provided on a tax-advantaged basis.
Run-off
The Run-off segment consists of products no longer actively sold and which are separately managed, including structured settlements, pension risk transfer contracts, certain company-owned life insurance policies, funding agreements and universal life with secondary guarantees.
Corporate & Other
Corporate & Other contains the excess capital not allocated to the segments and interest expense related to the majority of the Company’s outstanding debt, as well as expenses associated with certain legal proceedings and income tax audit issues. Corporate & Other also includes long-term care and workers’ compensation business reinsured through 100% quota share reinsurance agreements and term life insurance sold direct to consumers, which is no longer being offered for new sales.
Financial Measures and Segment Accounting Policies
Adjusted earnings is a financial measure used by management to evaluate performance, allocate resources and facilitate comparisons to industry results. Consistent with GAAP guidance for segment reporting, adjusted earnings is also used to measure segment performance. The Company believes the presentation of adjusted earnings, as the Company measures it for management purposes, enhances the understanding of its performance by the investor community. Adjusted earnings should not be viewed as a substitute for net income (loss) available to BHF’s common shareholders and excludes net income (loss) attributable to noncontrolling interests and preferred stock dividends.
Adjusted earnings, which may be positive or negative, focuses on the Company’s primary businesses principally by excluding the impact of market volatility, which could distort trends.
The following are significant items excluded from total revenues, net of income tax, in calculating adjusted earnings:
Net investment gains (losses);
Net derivative gains (losses) except earned income and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment; and
Certain variable annuity guaranteed minimum income benefits (“GMIBs”) fees (“GMIB Fees”).
The following are significant items excluded from total expenses, net of income tax, in calculating adjusted earnings:
Amounts associated with benefits related to GMIBs (“GMIB Costs”);
Amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and market value adjustments associated with surrenders or terminations of contracts (“Market Value Adjustments”); and
Amortization of DAC and value of business acquired (“VOBA”) related to: (i) net investment gains (losses), (ii) net derivative gains (losses), (iii) GMIB Fees and GMIB Costs and (iv) Market Value Adjustments.
The tax impact of the adjustments mentioned above is calculated net of the statutory tax rate, which could differ from the Company’s effective tax rate.
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Brighthouse Financial, Inc.
Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)
2. Segment Information (continued)
The segment accounting policies are the same as those used to prepare the Company’s interim condensed consolidated financial statements, except for the adjustments to calculate adjusted earnings described above. In addition, segment accounting policies include the methods of capital allocation described below.
Segment investment and capitalization targets are based on statutory oriented risk principles and metrics. Segment invested assets backing liabilities are based on net statutory liabilities plus excess capital. For the variable annuity business, the excess capital held is based on the target statutory total asset requirement consistent with the Company’s variable annuity risk management strategy. For insurance businesses other than variable annuities, excess capital held is based on a percentage of required statutory risk-based capital. Assets in excess of those allocated to the segments, if any, are held in Corporate & Other. Segment net investment income reflects the performance of each segment’s respective invested assets.
Operating results by segment, as well as Corporate & O