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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, 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/67f3d2d6c04fd361c59681c29e2997c0-bhf-20220930_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 November 3, 2022, 69,129,693 shares of the registrant’s common stock were outstanding.



Table of Contents
Page
  Item 1.
Consolidated Financial Statements (at September 30, 2022 (Unaudited) and December 31, 2021 and for the Three Months and Nine Months Ended September 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
September 30, 2022 (Unaudited) and December 31, 2021
(In millions, except share and per share data)
September 30, 2022December 31, 2021
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $85,307 and $79,246, respectively; allowance for credit losses of $5 and $11, respectively)
$75,271 $87,582 
Equity securities, at estimated fair value100 101 
Mortgage loans (net of allowance for credit losses of $99 and $123, respectively)
22,089 19,850 
Policy loans1,274 1,264 
Limited partnerships and limited liability companies4,607 4,271 
Short-term investments, principally at estimated fair value1,130 1,841 
Other invested assets, principally at estimated fair value (net of allowance for credit losses of $13 and $13, respectively)
4,033 3,316 
Total investments
108,504 118,225 
Cash and cash equivalents4,793 4,474 
Accrued investment income909 724 
Premiums, reinsurance and other receivables (net of allowance for credit losses of $10 and $10, respectively)
17,877 16,094 
Deferred policy acquisition costs and value of business acquired5,639 5,377 
Current income tax recoverable18  
Deferred income tax asset1,619  
Other assets446 482 
Separate account assets81,836 114,464 
Total assets
$221,641 $259,840 
Liabilities and Equity
Liabilities
Future policy benefits$41,786 $43,807 
Policyholder account balances71,323 66,851 
Other policy-related balances3,364 3,457 
Payables for collateral under securities loaned and other transactions6,532 6,269 
Long-term debt3,156 3,157 
Current income tax payable 62 
Deferred income tax liability 1,062 
Other liabilities7,765 4,504 
Separate account liabilities81,836 114,464 
Total liabilities
215,762 243,633 
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; 122,129,392 and 121,513,442 shares issued, respectively; 70,060,560 and 77,870,072 shares outstanding, respectively
1 1 
Additional paid-in capital14,095 14,154 
Retained earnings (deficit)304 (642)
Treasury stock, at cost; 52,068,832 and 43,643,370 shares, respectively
(1,949)(1,543)
Accumulated other comprehensive income (loss)(6,637)4,172 
Total Brighthouse Financial, Inc.’s stockholders’ equity
5,814 16,142 
Noncontrolling interests65 65 
Total equity
5,879 16,207 
Total liabilities and equity
$221,641 $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 Nine Months Ended September 30, 2022 and 2021 (Unaudited)
(In millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Revenues
Premiums$162 $193 $495 $539 
Universal life and investment-type product policy fees783 881 2,408 2,730 
Net investment income877 1,281 3,089 3,680 
Other revenues121 117 376 345 
Net investment gains (losses)(45)(16)(179)(36)
Net derivative gains (losses)(416)56 1,830 (2,132)
Total revenues1,482 2,512 8,019 5,126 
Expenses
Policyholder benefits and claims1,246 1,112 3,260 2,620 
Interest credited to policyholder account balances430 413 1,039 997 
Amortization of deferred policy acquisition costs and value of business acquired179 (82)972 17 
Other expenses495 579 1,596 1,749 
Total expenses2,350 2,022 6,867 5,383 
Income (loss) before provision for income tax(868)490 1,152 (257)
Provision for income tax expense (benefit)(193)105 202 (90)
Net income (loss)(675)385 950 (167)
Less: Net income (loss) attributable to noncontrolling interests2 2 4 4 
Net income (loss) attributable to Brighthouse Financial, Inc.(677)383 946 (171)
Less: Preferred stock dividends25 22 78 68 
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders$(702)$361 $868 $(239)
Comprehensive income (loss)$(4,221)$79 $(9,859)$(1,593)
Less: Comprehensive income (loss) attributable to noncontrolling interests2 2 4 4 
Comprehensive income (loss) attributable to Brighthouse Financial, Inc.$(4,223)$77 $(9,863)$(1,597)
Earnings per common share
Basic
$(9.82)$4.37 $11.68 $(2.80)
Diluted
$(9.82)$4.34 $11.61 $(2.80)
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 Nine Months Ended September 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 $16,207 
Treasury stock acquired in connection with share repurchases
(259)(259)(259)
Share-based compensation
 12 (11)1 1 
Dividends on preferred stock
(53)(53)(53)
Change in noncontrolling interests
 (2)(2)
Net income (loss)
1,623 1,623 2 1,625 
Other comprehensive income (loss), net of income tax
(7,263)(7,263)(7,263)
Balance at June 30, 2022 1 14,113 981 (1,813)(3,091)10,191 65 10,256 
Treasury stock acquired in connection with share repurchases
(136)(136)(136)
Share-based compensation
 7 7 7 
Dividends on preferred stock
(25)(25)(25)
Change in noncontrolling interests
 (2)(2)
Net income (loss)
(677)(677)2 (675)
Other comprehensive income (loss), net of income tax
(3,546)(3,546)(3,546)
Balance at September 30, 2022$ $1 $14,095 $304 $(1,949)$(6,637)$5,814 $65 $5,879 
Preferred StockCommon StockAdditional Paid-in CapitalRetained Earnings (Deficit)Treasury Stock at CostAccumulated
Other
Comprehensive
Income (Loss)
Brighthouse Financial, Inc.’s Stockholders’ EquityNoncontrolling InterestsTotal Equity
Balance at December 31, 2020$ $1 $13,878 $(534)$(1,038)$5,716 $18,023 $65 $18,088 
Treasury stock acquired in connection with share repurchases
(192)(192)(192)
Share-based compensation
 10 (6)4 4 
Dividends on preferred stock(46)(46)(46)
Change in noncontrolling interests
 (2)(2)
Net income (loss)
(554)(554)2 (552)
Other comprehensive income (loss), net of income tax
(1,120)(1,120)(1,120)
Balance at June 30, 2021 1 13,842 (1,088)(1,236)4,596 16,115 65 16,180 
Treasury stock acquired in connection with share repurchases
(149)(149)(149)
Share-based compensation
 10 10 10 
Dividends on preferred stock
(22)(22)(22)
Change in noncontrolling interests
 (2)(2)
Net income (loss)
383 383 2 385 
Other comprehensive income (loss), net of income tax
(306)(306)(306)
Balance at September 30, 2021$ $1 $13,830 $(705)$(1,385)$4,290 $16,031 $65 $16,096 
See accompanying notes to the interim condensed consolidated financial statements.
4

Table of Contents
Brighthouse Financial, Inc.
Interim Condensed Consolidated Statements of Cash Flows
For the Nine Months Ended September 30, 2022 and 2021 (Unaudited)
(In millions)
Nine Months Ended
September 30,
20222021
Net cash provided by (used in) operating activities$(939)$644 
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities8,479 8,541 
Equity securities41 114 
Mortgage loans1,770 2,005 
Limited partnerships and limited liability companies180 168 
Purchases of:
Fixed maturity securities(14,333)(16,168)
Equity securities(37)(7)
Mortgage loans(4,059)(4,421)
Limited partnerships and limited liability companies(619)(560)
Cash received in connection with freestanding derivatives3,778 3,213 
Cash paid in connection with freestanding derivatives(3,395)(3,914)
Net change in policy loans(9)28 
Net change in short-term investments716 1,349 
Net change in other invested assets(108)(13)
Net cash provided by (used in) investing activities
(7,596)(9,665)
Cash flows from financing activities
Policyholder account balances:
Deposits23,503 11,182 
Withdrawals(14,285)(1,945)
Net change in payables for collateral under securities loaned and other transactions263 387 
Long-term debt repaid(2)(1)
Dividends on preferred stock(78)(68)
Treasury stock acquired in connection with share repurchases(395)(341)
Financing element on certain derivative instruments and other derivative related transactions, net(