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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, 2022
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/4694c3218c69a6b4720ebbb61bcbcee6-bhf-20220630_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
Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series CBHFANThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 4.625% Non-Cumulative Preferred Stock, Series DBHFAMThe 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 2, 2022, 71,817,368 shares of the registrant’s common stock were outstanding.



Table of Contents
Page
  Item 1.
Consolidated Financial Statements (at June 30, 2022 (Unaudited) and December 31, 2021 and for the Three Months and Six Months Ended June 30, 2022 and 2021 (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, 2022 (Unaudited) and December 31, 2021
(In millions, except share and per share data)
June 30, 2022December 31, 2021
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $83,613 and $79,246, respectively; allowance for credit losses of $4 and $11, respectively)
$78,606 $87,582 
Equity securities, at estimated fair value96 101 
Mortgage loans (net of allowance for credit losses of $103 and $123, respectively)
21,508 19,850 
Policy loans1,277 1,264 
Limited partnerships and limited liability companies4,683 4,271 
Short-term investments, principally at estimated fair value920 1,841 
Other invested assets, principally at estimated fair value (net of allowance for credit losses of $13 and $13, respectively)
3,345 3,316 
Total investments
110,435 118,225 
Cash and cash equivalents5,071 4,474 
Accrued investment income852 724 
Premiums, reinsurance and other receivables (net of allowance for credit losses of $10 and $10, respectively)
16,642 16,094 
Deferred policy acquisition costs and value of business acquired5,434 5,377 
Current income tax recoverable18  
Deferred income tax asset471  
Other assets445 482 
Separate account assets88,843 114,464 
Total assets
$228,211 $259,840 
Liabilities and Equity
Liabilities
Future policy benefits$41,142 $43,807 
Policyholder account balances68,293 66,851 
Other policy-related balances3,273 3,457 
Payables for collateral under securities loaned and other transactions6,675 6,269 
Long-term debt3,157 3,157 
Current income tax payable 62 
Deferred income tax liability 1,062 
Other liabilities6,572 4,504 
Separate account liabilities88,843 114,464 
Total liabilities
217,955 243,633 
Contingencies, Commitments and Guarantees (Note 11)
Equity
Brighthouse Financial, Inc.’s stockholders’ equity:
Preferred stock, par value $0.01 per share; $1,753 aggregate liquidation preference
  
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 122,095,823 and 121,513,442 shares issued, respectively; 73,072,766 and 77,870,072 shares outstanding, respectively
1 1 
Additional paid-in capital14,113 14,154 
Retained earnings (deficit)981 (642)
Treasury stock, at cost; 49,023,057 and 43,643,370 shares, respectively
(1,813)(1,543)
Accumulated other comprehensive income (loss)(3,091)4,172 
Total Brighthouse Financial, Inc.’s stockholders’ equity
10,191 16,142 
Noncontrolling interests65 65 
Total equity
10,256 16,207 
Total liabilities and equity
$228,211 $259,840 
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, 2022 and 2021 (Unaudited)
(In millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Revenues
Premiums$167 $162 $333 $346 
Universal life and investment-type product policy fees784 919 1,625 1,849 
Net investment income1,061 1,212 2,212 2,399 
Other revenues118 101 255 228 
Net investment gains (losses)(66)(34)(134)(20)
Net derivative gains (losses)1,733 (684)2,246 (2,188)
Total revenues3,797 1,676 6,537 2,614 
Expenses
Policyholder benefits and claims1,108 752 2,014 1,508 
Interest credited to policyholder account balances319 287 609 584 
Amortization of deferred policy acquisition costs and value of business acquired566 8 793 99 
Other expenses591 608 1,101 1,170 
Total expenses2,584 1,655 4,517 3,361 
Income (loss) before provision for income tax1,213 21 2,020 (747)
Provision for income tax expense (benefit)230 (10)395 (195)
Net income (loss)983 31 1,625 (552)
Less: Net income (loss) attributable to noncontrolling interests  2 2 
Net income (loss) attributable to Brighthouse Financial, Inc.983 31 1,623 (554)
Less: Preferred stock dividends26 21 53 46 
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders$957 $10 $1,570 $(600)
Comprehensive income (loss)$(2,471)$1,238 $(5,638)$(1,672)
Less: Comprehensive income (loss) attributable to noncontrolling interests  2 2 
Comprehensive income (loss) attributable to Brighthouse Financial, Inc.$(2,471)$1,238 $(5,640)$(1,674)
Earnings per common share
Basic
$12.84 $0.12 $20.74 $(6.93)
Diluted
$12.77 $0.11 $20.62 $(6.93)
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 Three Months and Six Months Ended June 30, 2022 and 2021 (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, 2021$ $1 $14,154 $(642)$(1,543)$4,172 $16,142 $65 $16,207 
Treasury stock acquired in connection with share repurchases
(127)(127)(127)
Share-based compensation
— 6 (11)(5)(5)
Dividends on preferred stock
(27)(27)(27)
Change in noncontrolling interests
 (2)(2)
Net income (loss)
640 640 2 642 
Other comprehensive income (loss), net of income tax
(3,809)(3,809)(3,809)
Balance at March 31, 2022 1 14,133 (2)(1,681)363 12,814 65 12,879 
Treasury stock acquired in connection with share repurchases
(132)(132)(132)
Share-based compensation
— 6 — 6 6 
Dividends on preferred stock
(26)(26)(26)
Change in noncontrolling interests
   
Net income (loss)
983 983  983 
Other comprehensive income (loss), net of income tax
(3,454)(3,454)(3,454)
Balance at June 30, 2022$ $1 $14,113 $981 $(1,813)$(3,091)$10,191 $65 $10,256 
Preferred StockCommon StockAdditional Paid-in CapitalRetained Earnings (Deficit)Treasury Stock at CostAccumulated
Other
Comprehensive
Income (Loss)
Brighthouse Financial, Inc.’s Stockholders’ EquityNoncontrolling InterestsTotal Equity
Balance at December 31, 2020$ $1 $13,878 $(534)$(1,038)$5,716 $18,023 $65 $18,088 
Treasury stock acquired in connection with share repurchases
(68)(68)(68)
Share-based compensation
— 5 (6)(1)(1)
Dividends on preferred stock(25)(25)(25)
Change in noncontrolling interests
 (2)(2)
Net income (loss)
(585)(585)2 (583)
Other comprehensive income (loss), net of income tax
(2,327)(2,327)(2,327)
Balance at March 31, 2021 1 13,858 (1,119)(1,112)3,389 15,017 65 15,082 
Treasury stock acquired in connection with share repurchases
(124)(124)(124)
Share-based compensation
— 5 — 5 5 
Dividends on preferred stock
(21)(21)(21)
Change in noncontrolling interests
   
Net income (loss)
31 31  31 
Other comprehensive income (loss), net of income tax
1,207 1,207 1,207 
Balance at June 30, 2021$ $1 $13,842 $(1,088)$(1,236)$4,596 $16,115 $65 $16,180 
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 Cash Flows
For the Six Months Ended June 30, 2022 and 2021 (Unaudited)
(In millions)
Six Months Ended
June 30,
20222021
Net cash provided by (used in) operating activities$18 $69 
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities6,250 5,238 
Equity securities41 101 
Mortgage loans1,382 1,384 
Limited partnerships and limited liability companies134 117 
Purchases of:
Fixed maturity securities(10,653)(9,833)
Equity securities(20)(6)
Mortgage loans(3,098)(2,247)
Limited partnerships and limited liability companies(432)(379)
Cash received in connection with freestanding derivatives2,749 2,140 
Cash paid in connection with freestanding derivatives(2,220)(2,893)
Net change in policy loans(12)36 
Net change in short-term investments923 1,949 
Net change in other invested assets(63)(19)
Net cash provided by (used in) investing activities
(5,019)(4,412)
Cash flows from financing activities
Policyholder account balances:
Deposits14,107 6,886 
Withdrawals(8,477)(1,295)
Net change in payables for collateral under securities loaned and other transactions406 (109)
Long-term debt repaid(1)(1)
Dividends on preferred stock(53)(46)
Treasury stock acquired in connection with share repurchases(259)(192)
Financing element on certain derivative instruments and other derivative related transactions, net(112)(118)
Other, net(13)(8)
Net cash provided by (used in) financing activities5,598 5,117 
Change in cash, cash equivalents and restricted cash597 774 
Cash, cash equivalents and restricted cash, beginning of period4,474 4,108 
Cash, cash equivalents and restricted cash, end of period$5,071 $4,882 
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest$77 $81 
Income tax$106 $(4)
See accompanying notes to the interim condensed consolidated financial statements.
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Table of Contents
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, Inc. (“BHF” and together with its subsidiaries, “Brighthouse Financial” or the “Company”) 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 U.S. 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.