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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K/A
(Amendment No. 1)

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 9, 2023 (August 8, 2023)
https://cdn.kscope.io/6c899e2596724cfe8aca10291a3a2266-Image1.jpg
Brighthouse Financial, Inc.
(Exact name of registrant as specified in its charter)

Delaware
001-37905
81-3846992
(State or other jurisdiction of incorporation)(Commission File Number)(IRS Employer Identification No.)

11225 North Community House Road,Charlotte,North Carolina
28277
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (980) 365-7100

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 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.




Item 2.02.   Results of Operations and Financial Condition.
On August 8, 2023, Brighthouse Financial, Inc. (“Brighthouse Financial” or the “Company”) issued (i) a news release announcing its results for the quarter ended June 30, 2023, a copy of which was attached as Exhibit 99.1 to the Current Report on Form 8-K furnished to the U.S. Securities and Exchange Commission on August 8, 2023 (the “Original Form 8-K”), and (ii) a financial supplement for the quarter ended June 30, 2023, a copy of which was attached as Exhibit 99.2 to the Original Form 8-K. Brighthouse Financial is furnishing this Amendment No. 1 on Form 8-K/A solely for the purpose of providing updated copies of the news release and the financial supplement correcting an inadvertent error related to the number of Weighted average common shares outstanding – diluted, which in turn resulted in errors in the Adjusted earnings per diluted share (“Adjusted EPS”) and the Impact of inclusion of dilutive shares, reported therein. Six references in the news release and four references in the financial supplement to Adjusted EPS for the three months ended June 30, 2023 of $4.13 have been updated to $4.04; two references in the financial supplement to Adjusted EPS for the six months ended June 30, 2023 of $7.03 have been updated to $6.89; one reference in each of the news release and the financial supplement to the Impact of inclusion of dilutive shares for the three months ended June 30, 2023 of $(0.08) has been updated to $0.01; one reference in the financial supplement to the Impact of inclusion of dilutive shares for the six months ended June 30, 2023 of $(0.11) has been updated to $0.03; and one reference in each of the news release and the financial supplement to Weighted average common shares outstanding – diluted as of June 30, 2023 of 65,463,794 has been updated to 66,967,185. No other changes have been made to the Original Form 8-K, the news release or the financial supplement furnished therewith.

Adjusted EPS is a Non-GAAP measure. Please refer to the referenced news release and financial supplement for the definition of Adjusted EPS and reconciliation of Adjusted EPS to the most directly comparable GAAP measure.

The corrected news release and the financial supplement are attached as Exhibit 99.1 and Exhibit 99.2, respectively, and incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in Items 2.02, 7.01 and Exhibits 99.1 and 99.2 listed in Item 9.01 of this Current Report on Form 8-K/A shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01.  Regulation FD Disclosure.
In connection with its earnings call for the quarter ended June 30, 2023, Brighthouse Financial prepared a presentation for use with investors and other members of the investment community. The presentation contained four references to Adjusted EPS for the three months ended June 30, 2023 of $4.13 and one reference to the Impact of inclusion of dilutive shares for the three months ended June 30, 2023 of $(0.08), all of which have been updated to $4.04 and $0.01, respectively, as described in Item 2.02 above. The updated presentation is available on the Brighthouse Financial investor relations website at http://investor.brighthousefinancial.com.

Brighthouse Financial routinely uses its investor relations website to provide presentations, press releases and other information that may be deemed material to investors. Accordingly, the Company encourages investors and others interested in the Company to review the information that it shares at http://investor.brighthousefinancial.com.





1


Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.Description
104*Cover Page Interactive Data File (embedded within the Inline XBRL document)

*    Filed herewith.
**    Furnished herewith.




2


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BRIGHTHOUSE FINANCIAL, INC.
By:/s/ Kristine H. Toscano
Name:Kristine H. Toscano
Title:Chief Accounting Officer

Date: August 9, 2023




3
Document
PUBLIC RELATIONS

Brighthouse Financial, Inc.
11225 N. Community House Rd.
Charlotte, NC 28277

https://cdn.kscope.io/6c899e2596724cfe8aca10291a3a2266-bhf-20191104_g1a.jpg

Exhibit 99.1
FOR IMMEDIATE RELEASE
Brighthouse Financial Announces Second Quarter 2023 Results
Estimated combined risk-based capital ("RBC") ratio between 430% and 450%; holding company liquid assets of $0.9 billion
Repurchased approximately $152 million of its common stock year-to-date through August 4, 2023
Annuity sales increased 16% in the first half of 2023 compared with the same period in 2022
Life sales increased 23% in the first half of 2023 compared with the same period in 2022
Second quarter 2023 net loss available to shareholders of $200 million, or $3.01 per diluted share
Second quarter 2023 adjusted earnings* of $271 million, or $4.04 per diluted share

CHARLOTTE, NC, August 8, 2023 (as updated August 9, 2023) — Brighthouse Financial, Inc. ("Brighthouse Financial" or the "company") (Nasdaq: BHF) announced today its financial results for the second quarter ended June 30, 2023.

Second Quarter 2023 Results

The company reported a net loss available to shareholders of $200 million in the second quarter of 2023, or $3.01 per diluted share, compared with net income available to shareholders of $1,719 million in the second quarter of 2022. During the quarter, as a result of market performance, the value of our hedges decreased, as expected. Under GAAP accounting, all VA liabilities classified as market risk benefits are accounted for on a fair value basis. The company anticipates volatility in net income (loss) given the differences between these GAAP liabilities and our hedge target.

The company ended the second quarter of 2023 with common stockholders' equity ("book value") of $3.2 billion, or $48.64 per common share, and book value, excluding accumulated other comprehensive income ("AOCI") of $9.1 billion, or $137.80 per common share.

For the second quarter of 2023, the company reported adjusted earnings* of $271 million, or $4.04 per diluted share, compared with adjusted earnings of $144 million, or $1.91 per diluted share, in the second quarter of 2022. There were no notable items in the current quarter.
_______________
* Information regarding the non-GAAP and other financial measures included in this news release and a reconciliation of such non-GAAP financial measures to the most directly comparable GAAP measures are provided in the Non-GAAP and Other Financial Disclosures discussion below, as well as in the tables that accompany this news release and/or the Second Quarter 2023 Brighthouse Financial, Inc. Financial Supplement and/or the Second Quarter 2023 Brighthouse Financial, Inc. Earnings Call Presentation (which are available on the Brighthouse Financial Investor Relations webpage at http://investor.brighthousefinancial.com). GAAP results reflect the company's adoption, on January 1, 2023, of the provisions of FASB ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts ("LDTI"), and any GAAP historical data contained herein has been updated retrospectively. Additional information regarding notable items can be found on the last page of this news release.


1



PUBLIC RELATIONS

Brighthouse Financial, Inc.
11225 N. Community House Rd.
Charlotte, NC 28277

https://cdn.kscope.io/6c899e2596724cfe8aca10291a3a2266-bhf-20191104_g1a.jpg
Corporate expenses in the second quarter of 2023 were $221 million, up from $210 million in the first quarter of 2023, both on a pre-tax basis.
Annuity sales increased 16% in the first half of 2023 compared with the same period in 2022, driven by higher fixed deferred annuity sales and Shield Level annuity sales, partially offset by lower variable annuity sales. Annuity sales were flat quarter-over-quarter and decreased 12% sequentially, primarily driven by lower fixed deferred annuity sales, partially offset by higher Shield Level annuity sales. Life sales increased 23% in the first half of 2023 compared with the same period in 2022, 32% quarter-over-quarter and 9% sequentially.

During the second quarter of 2023, the company repurchased $64 million of its common stock, with an additional approximately $26 million of its common stock repurchased, on a trade date basis, through August 4, 2023.

"During the second quarter of 2023, we delivered solid results while making additional progress in support of our strategic goals," said Eric Steigerwalt, president and CEO, Brighthouse Financial.

"I am proud of our many accomplishments in the quarter, including our strong annuity sales results, as well as the 16% increase in annuity sales that we generated in the first half of 2023 compared with the same period in 2022,” Steigerwalt continued. “In addition, we grew life sales 32% quarter-over-quarter and 23% in the first half of 2023 compared with the same period last year. As we continue to execute our life insurance strategy, we are pleased to further strengthen our life insurance product suite with the launch last month of our newest life insurance product, Brighthouse SmartGuard Plus℠.”


Key Metrics (Unaudited, dollars in millions except share and per share amounts)
As of or For the Three Months Ended
June 30, 2023June 30, 2022
TotalPer shareTotalPer share
Net income (loss) available to shareholders (1)$(200)$(3.01)$1,719$22.91
Adjusted earnings (1)$271$4.04$144$1.91
Adjusted earnings, less notable items (1)$271$4.04$353$4.71
Weighted average common shares outstanding - diluted (1)66,967,185N/A74,971,658N/A
Book value$3,208$48.64$5,481$75.01
Book value, excluding AOCI$9,089$137.80$9,657$132.16
Ending common shares outstanding65,956,660N/A73,072,766N/A
(1) Per share amounts are on a diluted basis and may not recalculate due to rounding. For loss periods, dilutive shares were not included in the calculation as inclusion of such shares would have an anti-dilutive effect. See Non-GAAP and Other Financial Disclosures discussion in this news release.

2



PUBLIC RELATIONS

Brighthouse Financial, Inc.
11225 N. Community House Rd.
Charlotte, NC 28277

https://cdn.kscope.io/6c899e2596724cfe8aca10291a3a2266-bhf-20191104_g1a.jpg
Results by Segment and Corporate & Other (Unaudited, in millions)
For the Three Months Ended
ADJUSTED EARNINGSJune 30,
2023
March 31,
2023
June 30,
2022
Annuities$291$314$320
Life $15$1$29
Run-off (1)$(16)$(106)$(157)
Corporate & Other (1)$(19)$(14)$(48)
(1) The company uses the term “adjusted loss” throughout this news release to refer to negative adjusted earnings values.

Sales (Unaudited, in millions)
For the Three Months Ended
June 30,
2023
March 31,
2023
June 30,
2022
Annuities (1)$2,473$2,799$2,486
Life$25$23$19
(1) Annuities sales include sales of a fixed index annuity product, which represents 100% of gross sales on directly written business and the proportion of assumed gross sales under reinsurance agreements. Sales of this product were $98 million for the second quarter of 2023, $122 million for the first quarter of 2023 and $206 million for the second quarter of 2022.
Annuities
Adjusted earnings in the Annuities segment were $291 million in the current quarter, compared with adjusted earnings of $320 million in the second quarter of 2022 and adjusted earnings of $314 million in the first quarter of 2023.
There were no notable items in the current quarter or comparison quarters.
On a quarter-over-quarter basis, adjusted earnings, less notable items, reflect higher expenses, lower fees and higher reserves, partially offset by higher net investment income. On a sequential basis, adjusted earnings, less notable items, reflect higher reserves and higher expenses, partially offset by higher fees and higher net investment income.
As mentioned above, annuity sales increased 16% in the first half of 2023 compared with the same period in 2022, driven by higher fixed deferred annuity sales and Shield Level annuity sales, partially offset by lower variable annuity sales. Annuity sales were flat quarter-over-quarter and decreased 12% sequentially, primarily driven by lower fixed deferred annuity sales, partially offset by higher Shield Level annuity sales.
Life
Adjusted earnings in the Life segment were $15 million in the current quarter, compared with adjusted earnings of $29 million in the second quarter of 2022 and adjusted earnings of $1 million in the first quarter of 2023.
The were no notable items in the current quarter or comparison quarters.
3



PUBLIC RELATIONS

Brighthouse Financial, Inc.
11225 N. Community House Rd.
Charlotte, NC 28277

https://cdn.kscope.io/6c899e2596724cfe8aca10291a3a2266-bhf-20191104_g1a.jpg
On a quarter-over-quarter basis, adjusted earnings, less notable items, reflect higher expenses and a lower underwriting margin, partially offset by higher net investment income. On a sequential basis, adjusted earnings, less notable items, reflect higher net investment income.
As mentioned above, life sales increased 23% in the first half of 2023 compared with the same period in 2022, 32% quarter-over-quarter and 9% sequentially.
Run-off
The Run-off segment had an adjusted loss of $16 million in the current quarter, compared with an adjusted loss of $157 million in the second quarter of 2022 and an adjusted loss of $106 million in the first quarter of 2023.
There were no notable items in the current quarter or the first quarter of 2023. The second quarter of 2022 included $200 million of unfavorable notable items related to a settlement of a reinsurance matter as well as new reinsurance agreements.
On a quarter-over-quarter basis, the adjusted loss, less notable items, reflects lower net investment income, a lower underwriting margin and higher expenses. On a sequential basis, the adjusted loss, less notable items, reflects higher net investment income and a higher underwriting margin.
Corporate & Other
Corporate & Other had an adjusted loss of $19 million in the current quarter, compared with an adjusted loss of $48 million in the second quarter of 2022 and an adjusted loss of $14 million in the first quarter of 2023.
There were no notable items in the current quarter or the first quarter of 2023. The second quarter of 2022 included a $9 million unfavorable notable item related to establishment costs.
On a quarter-over-quarter basis, the adjusted loss, less notable items, reflects higher net investment income and lower expenses, partially offset by a lower tax benefit. On a sequential basis, the adjusted loss, less notable items, reflects higher expenses.
Net Investment Income and Adjusted Net Investment Income (Unaudited, in millions)
For the Three Months Ended
June 30,
2023
March 31,
2023
June 30,
2022
Net investment income$1,196$1,059$1,061
Adjusted net investment income$1,219$1,097$1,070
Net Investment Income
Net investment income was $1,196 million and adjusted net investment income* was $1,219 million in the current quarter. On a quarter-over-quarter basis, adjusted net investment income increased $149 million, primarily driven by asset growth and higher interest rates. On a sequential basis, adjusted net investment income increased $122 million, primarily driven by alternative investment income.
The net investment income yield was 4.21% during the quarter.
4



PUBLIC RELATIONS

Brighthouse Financial, Inc.
11225 N. Community House Rd.
Charlotte, NC 28277

https://cdn.kscope.io/6c899e2596724cfe8aca10291a3a2266-bhf-20191104_g1a.jpg
Statutory Capital and Liquidity (Unaudited, in billions)
As of
June 30,
2023 (1)
March 31,
2023
June 30,
2022
Statutory combined total adjusted capital$7.6$8.2$8.2
(1) Reflects preliminary statutory results as of June 30, 2023.
Capitalization

As of June 30, 2023:
Statutory combined total adjusted capital(1) ("TAC") decreased to approximately $7.6 billion, primarily driven by our annuity business; a portion of this decline is expected to reverse by year-end upon the completion of a reinsurance transaction between Brighthouse Life Insurance Company and its New York affiliate
Estimated combined RBC ratio(1) was between 430% and 450%, with the decline from March 31 primarily driven by the decline in TAC
Holding company liquid assets were approximately $0.9 billion
































_______________
(1) Reflects preliminary statutory results as of June 30, 2023.
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PUBLIC RELATIONS

Brighthouse Financial, Inc.
11225 N. Community House Rd.
Charlotte, NC 28277

https://cdn.kscope.io/6c899e2596724cfe8aca10291a3a2266-bhf-20191104_g1a.jpg
Earnings Conference Call

Brighthouse Financial will hold a conference call and audio webcast to discuss its financial results for the second quarter of 2023 at 8:00 a.m. Eastern Time on Wednesday, August 9, 2023. In connection with this call, the company has prepared a presentation for use with investors and other members of the investment community. This presentation is available on the Brighthouse Financial Investor Relations webpage at http://investor.brighthousefinancial.com.

To listen to the audio webcast via the internet and to access the related presentation, please visit the Brighthouse Financial Investor Relations webpage at http://investor.brighthousefinancial.com. To join the conference call via telephone as a participant, please register in advance at https://register.vevent.com/register/BI3fdc50abbcf6461481f180d76516cb48.

A replay of the conference call will be made available until Friday, August 25, 2023, on the Brighthouse Financial Investor Relations webpage at http://investor.brighthousefinancial.com.



About Brighthouse Financial, Inc.

Brighthouse Financial, Inc. (Brighthouse Financial) (Nasdaq: BHF) is on a mission to help people achieve financial security. As one of the largest providers of annuities and life insurance in the U.S.,(1) we specialize in products designed to help people protect what they've earned and ensure it lasts. Learn more at brighthousefinancial.com.

(1) Ranked by 2022 admitted assets. Best's Review®: Top 200 U.S. Life/Health Insurers. AM Best, 2023.

CONTACT
FOR INVESTORS
Dana Amante
(980) 949-3073
damante@brighthousefinancial.com

FOR MEDIA
Deon Roberts
(980) 949-3071
deon.roberts@brighthousefinancial.com


6



PUBLIC RELATIONS

Brighthouse Financial, Inc.
11225 N. Community House Rd.
Charlotte, NC 28277

https://cdn.kscope.io/6c899e2596724cfe8aca10291a3a2266-bhf-20191104_g1a.jpg
Note Regarding Forward-Looking Statements

This news release and other oral or written statements that we make from time to time may contain information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks and uncertainties. We have tried, wherever possible, to identify such statements using words such as "anticipate," "estimate," "expect," "project," "may," "will," "could," "intend," "goal," "target," "guidance," "forecast," "preliminary," "objective," "continue," "aim," "plan," "believe" and other words and terms of similar meaning, or that are tied to future periods, in connection with a discussion of future operating or financial performance. In particular, these include, without limitation, statements relating to future actions, prospective services or products, financial projections, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, as well as trends in operating and financial results.

Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of Brighthouse Financial. These statements are based on current expectations and the current economic environment and involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others: differences between actual experience and actuarial assumptions and the effectiveness of our actuarial models; higher risk management costs and exposure to increased market risk due to guarantees within certain of our products; the effectiveness of our variable annuity exposure risk management strategy and the impact of such strategy on volatility in our profitability measures and negative effects on our statutory capital; material differences between actual outcomes and the sensitivities calculated under certain scenarios that we may utilize in connection with our variable annuity risk management strategies; the impact of interest rates on our future ULSG policyholder obligations and net income volatility; the potential material adverse effect of changes in accounting standards, practices or policies applicable to us, including changes in the accounting for long-duration contracts; loss of business and other negative impacts resulting from a downgrade or a potential downgrade in our financial strength or credit ratings; the availability of reinsurance and the ability of the counterparties to our reinsurance or indemnification arrangements to perform their obligations thereunder; heightened competition, including with respect to service, product features, scale, price, actual or perceived financial strength, claims-paying ratings, credit ratings, e-business capabilities and name recognition; our ability to market and distribute our products through distribution channels; any failure of third parties to provide services we need, any failure of the practices and procedures of such third parties and any inability to obtain information or assistance we need from third parties; the ability of our subsidiaries to pay dividends to us, and our ability to pay dividends to our shareholders and repurchase our common stock; the risks associated with climate change; the adverse impact of public health crises, extreme mortality events or similar occurrences on our business and the economy in general; the impact of adverse capital and credit market conditions, including with respect to our ability to meet liquidity needs and access capital; the impact of economic conditions in the capital markets and the U.S. and global economy, as well as geopolitical events, military actions or catastrophic events, on our profitability measures as well as our investment portfolio, including on realized and unrealized losses and impairments, net investment spread and net investment income; the financial risks that our investment portfolio is subject to, including credit risk, interest rate risk, inflation risk, market valuation risk, liquidity risk, real estate risk, derivatives risk, and other factors outside our control; the impact of changes in regulation and in supervisory and enforcement policies or interpretations thereof on our insurance business or other operations; the potential material negative tax impact of potential future tax legislation that could make some of our products less attractive to consumers or increase our tax liability; the effectiveness of our policies, procedures and processes in managing risk; the loss or disclosure of confidential information, damage to our reputation and impairment of our ability to conduct business effectively as a result of any failure in cyber- or other information security systems; whether all or any portion of the tax consequences of our separation from MetLife, Inc. (“MetLife”) are not as expected, leading to material additional taxes or material adverse consequences to tax attributes that impact us; and other factors described from time to time in documents that we file with the U.S. Securities and Exchange Commission (the "SEC").

7



PUBLIC RELATIONS

Brighthouse Financial, Inc.
11225 N. Community House Rd.
Charlotte, NC 28277

https://cdn.kscope.io/6c899e2596724cfe8aca10291a3a2266-bhf-20191104_g1a.jpg
For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements included and the risks, uncertainties and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2022, particularly in the sections entitled "Risk Factors" and "Quantitative and Qualitative Disclosures About Market Risk," as well as in our other subsequent filings with the SEC. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.


Non-GAAP and Other Financial Disclosures

Our definitions of non-GAAP and other financial measures may differ from those used by other companies.

Non-GAAP Financial Disclosures

We present certain measures of our performance that are not calculated in accordance with accounting principles generally accepted in the United States of America, also known as "GAAP." We believe that these non-GAAP financial measures enhance the understanding of our performance by the investor community by highlighting the results of operations and the underlying profitability drivers of our business.

The following non-GAAP financial measures should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
Non-GAAP financial measures:Most directly comparable GAAP financial measures:
adjusted earningsnet income (loss) available to shareholders (1)
adjusted earnings, less notable itemsnet income (loss) available to shareholders (1)
adjusted revenuesrevenues
adjusted expensesexpenses
adjusted earnings per common shareearnings per common share, diluted (1)
adjusted earnings per common share, less notable itemsearnings per common share, diluted (1)
adjusted return on common equityreturn on common equity (2)
adjusted return on common equity, less notable itemsreturn on common equity (2)
adjusted net investment income net investment income
__________________

(1) Brighthouse uses net income (loss) available to shareholders to refer to net income (loss) available to Brighthouse Financial, Inc.'s common shareholders, and earnings per common share, diluted to refer to net income (loss) available to shareholders per common share.
(2) Brighthouse uses return on common equity to refer to return on Brighthouse Financial, Inc.'s common stockholders' equity.

Reconciliations to the most directly comparable historical GAAP measures are included for those measures which are presented herein. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable efforts to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income (loss) available to shareholders.

Adjusted Earnings, Adjusted Revenues and Adjusted Expenses

Adjusted earnings is a financial measure used by management to evaluate performance and facilitate comparisons to industry results. This financial measure, which may be positive or negative, focuses on our primary businesses by excluding the impact of market volatility, which could distort trends.
8



PUBLIC RELATIONS

Brighthouse Financial, Inc.
11225 N. Community House Rd.
Charlotte, NC 28277

https://cdn.kscope.io/6c899e2596724cfe8aca10291a3a2266-bhf-20191104_g1a.jpg
Adjusted earnings reflects adjusted revenues less (i) adjusted expenses, (ii) provision for income tax expense (benefit), (iii) net income (loss) attributable to noncontrolling interests and (iv) preferred stock dividends. Provided below are the adjustments to GAAP revenues and GAAP expenses used to calculate adjusted revenues and adjusted expenses, respectively.

The following are significant items excluded from total revenues in calculating the adjusted revenues component of adjusted earnings:

Net investment gains (losses); and

Net derivative gains (losses) ("NDGL") 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 ("Investment Hedge Adjustments").

The following are significant items excluded from total expenses in calculating the adjusted expenses component of adjusted earnings:

Change in market risk benefits; and

Change in fair value of the crediting rate on experience-rated contracts ("Market Value Adjustments").

The tax impact of the adjustments discussed above is calculated net of the statutory tax rate, which could differ from our effective tax rate.

Consistent with GAAP guidance for segment reporting, adjusted earnings is also our GAAP measure of segment performance.

Adjusted Earnings per Common Share and Adjusted Return on Common Equity

Adjusted earnings per common share and adjusted return on common equity are measures used by management to evaluate the execution of our business strategy and align such strategy with our shareholders' interests.

Adjusted earnings per common share is defined as adjusted earnings for the period divided by the weighted average number of fully diluted shares of common stock outstanding for the period. The weighted average common shares outstanding used to calculate adjusted earnings per share will differ from such shares used to calculate diluted net income (loss) available to shareholders per common share when the inclusion of dilutive shares has an anti-dilutive effect for one calculation but not for the other.

Adjusted return on common equity is defined as total annual adjusted earnings on a four quarter trailing basis, divided by the simple average of the most recent five quarters of total Brighthouse Financial, Inc.'s common stockholders' equity, excluding AOCI.

Adjusted Net Investment Income

We present adjusted net investment income to measure our performance for management purposes, and we believe it enhances the understanding of our investment portfolio results. Adjusted net investment income represents GAAP net investment income plus Investment Hedge Adjustments.

9



PUBLIC RELATIONS

Brighthouse Financial, Inc.
11225 N. Community House Rd.
Charlotte, NC 28277

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Other Financial Disclosures

Corporate Expenses

Corporate expenses includes functional department expenses, public company expenses, certain investment expenses, retirement funding and incentive compensation; and excludes establishment costs.

Notable items

Certain of the non-GAAP measures described above may be presented further adjusted to exclude notable items. Notable items reflect the unfavorable (favorable) after-tax impact on our results of certain unanticipated items and events, as well as certain items and events that were anticipated, such as establishment costs. The presentation of notable items and non-GAAP measures, less notable items is intended to help investors better understand our results and to evaluate and forecast those results.

Book Value per Common Share and Book Value per Common Share, excluding AOCI

Brighthouse uses the term "book value" to refer to "Brighthouse Financial, Inc.'s common stockholders' equity, including AOCI." Book value per common share is defined as ending Brighthouse Financial, Inc.'s common stockholders' equity, including AOCI, divided by ending common shares outstanding. Book value per common share, excluding AOCI, is defined as ending Brighthouse Financial, Inc.'s common stockholders' equity, excluding AOCI, divided by ending common shares outstanding.

CTE98

CTE98 is defined as the amount of assets required to satisfy contract holder obligations across market environments in the average of the worst two percent of a set of capital market scenarios over the life of the contracts.

Holding Company Liquid Assets

Holding company liquid assets include liquid assets in Brighthouse Financial, Inc., Brighthouse Holdings, LLC, and Brighthouse Services, LLC. Liquid assets are comprised of cash and cash equivalents, short-term investments and publicly-traded securities, excluding assets that are pledged or otherwise committed. Assets pledged or otherwise committed include assets held in trust.

Total Adjusted Capital

Total adjusted capital primarily consists of statutory capital and surplus, as well as the statutory asset valuation reserve. When referred to as “combined,” represents that of our insurance subsidiaries as a whole.

Sales

Life insurance sales consist of 100 percent of annualized new premium for term life, first-year paid premium for whole life, universal life, and variable universal life, and total paid premium for indexed universal life. We exclude company-sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life.

10



PUBLIC RELATIONS

Brighthouse Financial, Inc.
11225 N. Community House Rd.
Charlotte, NC 28277

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Annuity sales consist of 100 percent of direct statutory premiums, except for fixed index annuity sales, which represents 100 percent of gross sales on directly written business and the proportion of assumed gross sales under reinsurance agreements. Annuity sales exclude certain internal exchanges. These sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.

Net Investment Income Yield

Similar to adjusted net investment income, we present net investment income yields as a performance measure we believe enhances the understanding of our investment portfolio results. Net investment income yields are calculated on adjusted net investment income as a percentage of average quarterly asset carrying values. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, freestanding derivative assets and collateral received from derivative counterparties. Investment fee and expense yields are calculated as a percentage of average quarterly asset estimated fair values. Asset estimated fair values exclude collateral received in connection with our securities lending program, freestanding derivative assets and collateral received from derivative counterparties.

Normalized Statutory Earnings (Loss)

Normalized statutory earnings (loss) is used by management to measure our insurance companies’ ability to pay future distributions and is reflective of whether our hedging program functions as intended. Normalized statutory earnings (loss) is calculated as statutory pre-tax net gain (loss) from operations adjusted for the favorable or unfavorable impacts of (i) net realized capital gains (losses), (ii) the change in total asset requirement at CTE98, net of the change in our variable annuity reserves, and (iii) unrealized gains (losses) associated with our variable annuities and Shield hedging programs and other equity risk management strategies. Normalized statutory earnings (loss) may be further adjusted for certain unanticipated items that impact our results in order to help management and investors better understand, evaluate and forecast those results.

Risk-Based Capital Ratio

The risk-based capital ratio is a method of measuring an insurance company’s capital, taking into consideration its relative size and risk profile, in order to ensure compliance with minimum regulatory capital requirements set by the National Association of Insurance Commissioners. When referred to as “combined,” represents that of our insurance subsidiaries as a whole. The reporting of our combined risk-based capital ratio is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.
11



PUBLIC RELATIONS

Brighthouse Financial, Inc.
11225 N. Community House Rd.
Charlotte, NC 28277

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Condensed Statements of Operations (Unaudited, in millions)
For the Three Months Ended
RevenuesJune 30,
2023
March 31,
2023
June 30,
2022
Premiums$211$197$167
Universal life and investment-type product policy fees601606609
Net investment income1,1961,0591,061
Other revenues13093118
Revenues before NIGL and NDGL2,1381,9551,955
Net investment gains (losses)(64)(96)(66)
Net derivative gains (losses)(1,811)(575)1,977
Total revenues$263$1,284$3,866
Expenses
Policyholder benefits and claims$689$687$717
Interest credited to policyholder account balances452422284
Amortization of DAC and VOBA157156158
Change in market risk benefits(1,300)194(62)
Interest expense on debt383838
Other expenses464440554
Total expenses5001,9371,689
Income (loss) before provision for income tax(237)(653)2,177
Provision for income tax expense (benefit)(62)(156)432
Net income (loss)(175)(497)1,745
Less: Net income (loss) attributable to noncontrolling interests2
Net income (loss) attributable to Brighthouse Financial, Inc.(175)(499)1,745
Less: Preferred stock dividends252626
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders$(200)$(525)$1,719




12



PUBLIC RELATIONS

Brighthouse Financial, Inc.
11225 N. Community House Rd.
Charlotte, NC 28277

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Condensed Balance Sheets (Unaudited, in millions)
As of
ASSETSJune 30,
2023
March 31,
2023
June 30,
2022
Investments:
Fixed maturity securities available-for-sale$77,577$77,685$78,606
Equity securities919196
Mortgage loans22,61422,82321,508
Policy loans1,2881,2731,277
Limited partnerships and limited liability companies4,9144,8034,683
Short-term investments1,1251,386920
Other invested assets3,6773,2293,345
Total investments111,286111,290110,435
Cash and cash equivalents3,7373,6855,071
Accrued investment income1,027985852
Reinsurance recoverables18,65018,45115,698
Premiums and other receivables573516765
DAC and VOBA4,9685,0275,196
Current income tax recoverable313018
Deferred income tax asset1,8971,6731,272
Market risk benefit assets602510375
Other assets382395425
Separate account assets88,39287,44088,843
Total assets$231,545$230,002$228,950
LIABILITIES AND EQUITY
Liabilities
Future policy benefits$31,899$32,286$33,492
Policyholder account balances78,64376,12066,717
Market risk benefit liabilities9,78310,72912,304
Other policy-related balances3,7843,8163,944
Payables for collateral under securities loaned and other transactions4,1334,4016,675
Long-term debt3,1563,1573,157
Other liabilities6,7836,2346,573
Separate account liabilities88,39287,44088,843
Total liabilities226,573224,183221,705
Equity
Preferred stock, at par value
Common stock, at par value111
Additional paid-in capital14,03914,05414,113
Retained earnings (deficit)(1,069)(894)(945)
Treasury stock(2,183)(2,119)(1,813)
Accumulated other comprehensive income (loss)(5,881)(5,288)(4,176)
Total Brighthouse Financial, Inc.’s stockholders’ equity4,9075,7547,180
Noncontrolling interests656565
Total equity4,9725,8197,245
Total liabilities and equity$231,545$230,002$228,950
13



PUBLIC RELATIONS

Brighthouse Financial, Inc.
11225 N. Community House Rd.
Charlotte, NC 28277

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Reconciliation of Net Income (Loss) Available to Shareholders to Adjusted Earnings and Adjusted Earnings, Less Notable Items, and Reconciliation of Net Income (Loss) Available to Shareholders per Common Share to Adjusted Earnings per Common Share and Adjusted Earnings, Less Notable Items per Common Share (Unaudited, in millions except per share data)
For the Three Months Ended
ADJUSTED EARNINGS, LESS NOTABLE ITEMS
June 30,
2023
March 31,
2023
June 30,
2022
Net income (loss) available to shareholders$(200)$(525)$1,719
Less: Net investment gains (losses)(64)(96)(66)
Less: Net derivative gains (losses), excluding investment hedge adjustments
(1,834)(613)1,968
Less: Change in market risk benefits1,300(194)62
Less: Market value adjustments2(8)32
Less: Provision for income tax (expense) benefit on reconciling adjustments
125191(421)
Adjusted earnings271195144
Less: Notable items(209)
Adjusted earnings, less notable items$271$195$353
ADJUSTED EARNINGS, LESS NOTABLE ITEMS PER COMMON SHARE (1)
Net income (loss) available to shareholders per common share$(3.01)$(7.72)$22.91
Less: Net investment gains (losses)(0.96)(1.41)(0.88)
Less: Net derivative gains (losses), excluding investment hedge adjustments
(27.49)(9.03)26.25
Less: Change in market risk benefits19.48(2.86)0.83
Less: Market value adjustments0.03(0.12)0.43
Less: Provision for income tax (expense) benefit on reconciling adjustments1.872.81(5.62)
Less: Impact of inclusion of dilutive shares0.010.02
Adjusted earnings per common share4.042.861.91
Less: Notable items(2.79)
Adjusted earnings, less notable items per common share$4.04$2.86$4.71
(1) Per share calculations are on a diluted basis and may not recalculate or foot due to rounding. For loss periods, dilutive shares were not included in the calculation as inclusion of such shares would have an anti-dilutive effect. See Non-GAAP and Other Financial Disclosures discussion in this news release.

14



PUBLIC RELATIONS

Brighthouse Financial, Inc.
11225 N. Community House Rd.
Charlotte, NC 28277

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Reconciliation of Net Investment Income to Adjusted Net Investment Income (Unaudited, in millions)
For the Three Months Ended
June 30,
2023
March 31,
2023
June 30,
2022
Net investment income$1,196$1,059$1,061
Less: Investment hedge adjustments(23)(38)(9)
Adjusted net investment income$1,219$1,097$1,070


Notable Items (Unaudited, in millions)
For the Three Months Ended
NOTABLE ITEMS IMPACTING ADJUSTED EARNINGSJune 30,
2023
March 31,
2023
June 30,
2022
Actuarial items and other insurance adjustments$—$—$200
Establishment costs9
Debt repayment costs
Prior year tax matters
Total notable items (1)$—$—$209
NOTABLE ITEMS BY SEGMENT AND CORPORATE & OTHER
Annuities$—$—$—
Life
Run-off200
Corporate & Other9
Total notable items (1)$—$—$209
(1) See Non-GAAP and Other Financial Disclosures discussion in this news release.

15


Document

Exhibit 99.2






Brighthouse Financial, Inc.
Financial Supplement
Second Quarter 2023
(As updated August 9, 2023)
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Table of ContentsFinancial Results
Earnings and Select Metrics from Segments and Corporate & Other
Other Information
Appendix
A-2
A-6
A-7
A-8
A-9
A-10



Note: See the Appendix for non-GAAP financial information, definitions and reconciliations. Financial information, unless otherwise noted, is rounded to millions. Some financial information, therefore, may not sum to the corresponding total.

As used in this financial supplement, “Brighthouse Financial,” “Brighthouse,” the “Company,” “we,” “our” and “us” refer to Brighthouse Financial, Inc.
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Financial Results
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Financial Supplement
1



Key Metrics (Unaudited, dollars in millions except per share amounts)
As of or For the Three Months Ended
Financial Results and Metrics (1)June 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
June 30,
2022
Net income (loss) available to shareholders$(200)$(525)$110$388$1,719
Adjusted earnings (2)$271$195$545$115$144
Adjusted earnings, less notable items (2)$271$195$282$74$353
Total corporate expenses (3)$221$210$243$217$201
Combined total adjusted capital (4)$7,600$8,153$8,052$8,003$8,188
Combined risk-based capital ratio (4), (5)430%-450%460%-480%441%450%-470%470%-490%
Stockholders' Equity
Brighthouse Financial, Inc.’s stockholders’ equity$4,907$5,754$5,533$4,600$7,180
Less: Preferred stock, net1,6991,6991,6991,6991,699
Brighthouse Financial, Inc.’s common stockholders’ equity, including AOCI$3,208$4,055$3,834$2,901$5,481
Less: AOCI(5,881)(5,288)(6,106)(7,015)(4,176)
Brighthouse Financial, Inc.’s common stockholders’ equity, excluding AOCI $9,089$9,343$9,940$9,916$9,657
Return on Common Equity (1), (6)
Return on common equity(5.8)%38.8%77.3%93.7%108.6%
Return on common equity, excluding AOCI(2.4)%18.0%42.7%56.6%79.4%
Adjusted return on common equity, excluding AOCI11.7%10.6%13.4%9.9%12.7%
Earnings Per Common Share, Diluted (1), (7)
Net income (loss) available to shareholders per common share$(3.01)$(7.72)$1.59$5.39$22.91
Adjusted earnings per common share$4.04$2.86$7.81$1.61$1.91
Adjusted earnings, less notable items per common share$4.04$2.86$4.04$1.03$4.71
Weighted average common shares outstanding66,967,18568,158,78069,765,11871,959,38074,971,658
Book Value Per Common Share
Book value per common share (1)$48.64$60.16$56.15$41.41$75.01
Book value per common share, excluding AOCI (1)$137.80$138.62$145.58$141.53$132.16
Ending common shares outstanding65,956,66067,401,61868,278,06870,060,56073,072,766
(1) Certain definitions have been updated due to the adoption of LDTI. See definitions for Non-GAAP and Other Financial Disclosures in the Appendix beginning on page A-2.
(2) See additional information regarding notable items on page 18.
(3) Includes functional department expenses, public company expenses, certain investment expenses, retirement funding and incentive compensation; and excludes establishment costs.
(4) Reflects preliminary statutory results as of or for the three months ended June 30, 2023. See additional information on page 22.
(5) The RBC ratio is reported as a preliminary range for all periods, except those ended December 31.
(6) Simplified averaging was applied to all periods presented for 2022.
(7) For loss periods, dilutive shares were not included in the calculation of net income (loss) available to shareholders per common share or adjusted earnings per common share as inclusion of such shares would have an anti-dilutive effect.

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Financial Supplement
2



GAAP Statements of Operations (Unaudited, in millions)
For the Three Months EndedFor the Six Months Ended
RevenuesJune 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
June 30,
2022
June 30,
2023
June 30,
2022
Premiums$211$197$167$162$167$408$333
Universal life and investment-type product policy fees6016065495976091,2071,289
Net investment income1,1961,0591,0498771,0612,2552,212
Other revenues13093100122118223256
Revenues before NIGL and NDGL2,1381,9551,8651,7581,9554,0934,090
Net investment gains (losses)(64)(96)(69)(45)(66)(160)(134)
Net derivative gains (losses)(1,811)(575)(1,923)(592)1,977(2,386)1,923
Total revenues$263$1,284$(127)$1,121$3,866$1,547$5,879
Expenses
Policyholder benefits and claims$689$687$267$534$717$1,376$1,392
Interest credited to policyholder account balances452422401405284874532
Amortization of DAC and VOBA157156155159158313315
Change in market risk benefits(1,300)194(1,479)(984)(62)(1,106)(1,641)
Interest expense on debt38383938387676
Other expenses4644404504575549041,025
Total expenses5001,937(167)6091,6892,4371,699
Income (loss) before provision for income tax(237)(653)405122,177(890)4,180
Provision for income tax expense (benefit)(62)(156)(97)97432(218)848
Net income (loss)(175)(497)1374151,745(672)3,332
Less: Net income (loss) attributable to noncontrolling interests21222
Net income (loss) attributable to Brighthouse Financial, Inc.(175)(499)1364131,745(674)3,330
Less: Preferred stock dividends25262625265153
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders$(200)$(525)$110$388$1,719$(725)$3,277

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Financial Supplement
3



GAAP Balance Sheets (Unaudited, in millions)
As of
ASSETSJune 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
June 30,
2022
Investments:
Fixed maturity securities available-for-sale$77,577$77,685$75,577$75,271$78,606
Equity securities91918910096
Mortgage loans22,61422,82322,93622,08921,508
Policy loans1,2881,2731,2821,2741,277
Limited partnerships and limited liability companies4,9144,8034,7754,6074,683
Short-term investments1,1251,3861,0811,130920
Other invested assets3,6773,2292,8524,0333,345
Total investments111,286111,290108,592108,504110,435
Cash and cash equivalents3,7373,6854,1154,7935,071
Accrued investment income1,027985885909852
Reinsurance recoverables18,65018,45118,01916,69415,698
Premiums and other receivables573516529544765
DAC and VOBA4,9685,0275,0845,1425,196
Current income tax recoverable3130381818
Deferred income tax asset1,8971,6731,7361,9421,272
Market risk benefit assets602510483400375
Other assets382395401414425
Separate account assets88,39287,44084,96581,83688,843
Total assets$231,545$230,002$224,847$221,196$228,950
LIABILITIES AND EQUITY
Liabilities
Future policy benefits$31,899$32,286$31,497$32,016$33,492
Policyholder account balances78,64376,12073,52769,74966,717
Market risk benefit liabilities9,78310,72910,38911,42512,304
Other policy-related balances3,7843,8164,0984,0513,944
Payables for collateral under securities loaned and other transactions4,1334,4014,5606,5326,675
Long-term debt3,1563,1573,1563,1563,157
Other liabilities6,7836,2347,0577,7666,573
Separate account liabilities88,39287,44084,96581,83688,843
Total liabilities226,573224,183219,249216,531221,705
Equity
Preferred stock, at par value
Common stock, at par value11111
Additional paid-in capital14,03914,05414,07514,09514,113
Retained earnings (deficit)(1,069)(894)(395)(532)(945)
Treasury stock(2,183)(2,119)(2,042)(1,949)(1,813)
Accumulated other comprehensive income (loss)(5,881)(5,288)(6,106)(7,015)(4,176)
Total Brighthouse Financial, Inc.’s stockholders’ equity4,9075,7545,5334,6007,180
Noncontrolling interests6565656565
Total equity4,9725,8195,5984,6657,245
Total liabilities and equity$231,545$230,002$224,847$221,196$228,950
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Earnings and
Select Metrics from
Segments and
Corporate & Other

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Financial Supplement
5



Statements of Adjusted Earnings by Segment and Corporate & Other (Unaudited, in millions)
For the Three Months Ended June 30, 2023
Adjusted revenuesAnnuitiesLifeRun-offCorporate & OtherTotal
Premiums$84$126$1$—$211
Universal life and investment-type product policy fees41463124601
Net investment income6331193161511,219
Other revenues115474130
Total adjusted revenues$1,246$312$448$155$2,161
Adjusted expenses
Policyholder benefits and claims$141$189$359$—$689
Interest credited to policyholder account balances266237095454
Amortization of DAC and VOBA13027157
Interest expense on debt3838
Other operating costs352554017464
Total adjusted expenses8892944691501,802
Adjusted earnings before provision for income tax35718(21)5359
Provision for income tax expense (benefit)663(5)(1)63
Adjusted earnings after provision for income tax29115(16)6296
Less: Net income (loss) attributable to noncontrolling interests
Less: Preferred stock dividends2525
Adjusted earnings$291$15$(16)$(19)$271
For the Three Months Ended June 30, 2022
Adjusted revenuesAnnuitiesLifeRun-offCorporate & OtherTotal
Premiums$29$138$—$—$167
Universal life and investment-type product policy fees44236131609
Net investment income546115350591,070
Other revenues1126118
Total adjusted revenues$1,129$289$487$59$1,964
Adjusted expenses
Policyholder benefits and claims$75$192$450$—$717
Interest credited to policyholder account balances192267127316
Amortization of DAC and VOBA12929158
Interest expense on debt3838
Other operating costs339616643554
Total adjusted expenses7352536871081,783
Adjusted earnings before provision for income tax39436(200)(49)181
Provision for income tax expense (benefit)747(43)(27)11
Adjusted earnings after provision for income tax32029(157)(22)170
Less: Net income (loss) attributable to noncontrolling interests
Less: Preferred stock dividends2626
Adjusted earnings$320$29$(157)$(48)$144

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Financial Supplement
6


Statements of Adjusted Earnings by Segment and Corporate & Other (Unaudited, in millions)
For the Six Months Ended June 30, 2023
Adjusted revenuesAnnuitiesLifeRun-offCorporate & OtherTotal
Premiums$150$257$1$—$408
Universal life and investment-type product policy fees8291352431,207
Net investment income1,2272195703002,316
Other revenues210514(6)223
Total adjusted revenues$2,416$616$828$294$4,154
Adjusted expenses
Policyholder benefits and claims$214$395$767$—$1,376
Interest credited to policyholder account balances50744136181868
Amortization of DAC and VOBA25954313
Interest expense on debt7676
Other operating costs6921058027904
Total adjusted expenses1,6725989832843,537
Adjusted earnings before provision for income tax74418(155)10617
Provision for income tax expense (benefit)1392(33)(10)98
Adjusted earnings after provision for income tax60516(122)20519
Less: Net income (loss) attributable to noncontrolling interests22
Less: Preferred stock dividends5151
Adjusted earnings$605$16$(122)$(33)$466
For the Six Months Ended June 30, 2022
Adjusted revenuesAnnuitiesLifeRun-offCorporate & OtherTotal
Premiums$54$279$—$—$333
Universal life and investment-type product policy fees940922571,289
Net investment income1,1012757511002,227
Other revenues236614256
Total adjusted revenues$2,331$652$1,022$100$4,105
Adjusted expenses
Policyholder benefits and claims$150$409$832$1$1,392
Interest credited to policyholder account balances3823014941602
Amortization of DAC and VOBA25659315
Interest expense on debt7676
Other operating costs71135210691,025
Total adjusted expenses1,4995331,1911873,410
Adjusted earnings before provision for income tax832119(169)(87)695
Provision for income tax expense (benefit)15824(36)(30)116
Adjusted earnings after provision for income tax67495(133)(57)579
Less: Net income (loss) attributable to noncontrolling interests22
Less: Preferred stock dividends5353
Adjusted earnings$674$95$(133)$(112)$524

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Financial Supplement
7
Annuities — Statements of Adjusted Earnings (Unaudited, in millions)
For the Three Months EndedFor the Six Months Ended
Adjusted revenuesJune 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
June 30,
2022
June 30,
2023
June 30,
2022
Premiums$84$66$39$30$29$150$54
Universal life and investment-type product policy fees414415367401442829940
Net investment income6335946135475461,2271,101
Other revenues1159585113112210236
Total adjusted revenues$1,246$1,170$1,104$1,091$1,129$2,416$2,331
Adjusted expenses
Policyholder benefits and claims$141$73$144$86$75$214$150
Interest credited to policyholder account balances266241232283192507382
Amortization of DAC and VOBA130129129130129259256
Interest expense on debt
Other operating costs352340360346339692711
Total adjusted expenses8897838658457351,6721,499
Adjusted earnings before provision for income tax357387239246394744832
Provision for income tax expense (benefit)6673454474139158
Adjusted earnings$291$314$194$202$320$605$674

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Financial Supplement
8
Annuities — Select Operating Metrics (Unaudited, in millions)
For the Three Months Ended
VARIABLE AND SHIELD LEVEL ANNUITIES ACCOUNT VALUE (1)June 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
June 30,
2022
Account value, beginning of period$115,090$110,851$105,392$112,139$128,397
Premiums and deposits (2)1,8241,7981,5951,7022,035
Withdrawals, surrenders and contract benefits(2,894)(2,878)(2,717)(2,504)(2,500)
Net flows (3)(1,070)(1,080)(1,122)(802)(465)
Investment performance (4)4,5275,8387,121(5,363)(15,219)
Policy charges and other(572)(519)(540)(582)(574)
Account value, end of period$117,975$115,090$110,851$105,392$112,139
FIXED ANNUITIES ACCOUNT VALUE (5)
Account value, beginning of period$19,240$18,752$17,938$16,028$15,671
Premiums and deposits (2)6641,0351,6562,055503
Withdrawals, surrenders and contract benefits(513)(657)(587)(283)(237)
Net flows (3)1513781,0691,772266
Interest credited141123(228)10996
Other(12)(13)(27)29(5)
Account value, end of period$19,520$19,240$18,752$17,938$16,028
INCOME ANNUITIES (1)
Income annuity insurance liabilities$4,266$4,266$4,569$4,576$4,587
(1) Includes general account and separate account.
(2) Includes premiums and deposits directed to the general account investment option of variable products.
(3) Deposits and withdrawals include policy exchanges.
(4) Includes the interest credited on the general account option of variable products.
(5) Includes fixed index annuities.

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Financial Supplement
9
Annuities — Select Operating Metrics (Cont.) (Unaudited, in millions)
For the Three Months EndedFor the Six Months Ended
VARIABLE AND SHIELD LEVEL ANNUITY SALESJune 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
June 30,
2022
June 30,
2023
June 30,
2022
Shield Level Annuities (1)$1,615$1,554$1,389$1,436$1,629$3,169$3,023
GMWB101125101149268226602
GMDB only5267556975119162
GMIB57910131230
Total variable and Shield Level annuity sales$1,773$1,753$1,554$1,664$1,985$3,526$3,817
FIXED AND INCOME ANNUITY SALES
Fixed index annuities (2)$98$122$161$213$206$220$402
Fixed deferred annuities5659091,4931,8412931,474334
Single premium immediate annuities289322373
Other fixed and income annuities96115
Total fixed and income annuity sales$700$1,046$1,657$2,057$501$1,746$739
(1) Shield Level Annuities refers to our suite of structured annuities consisting of products marketed under various names.
(2) Represents 100% of gross sales on directly written business and the proportion of assumed gross sales under reinsurance agreements.

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Financial Supplement
10
Life — Statements of Adjusted Earnings (Unaudited, in millions)
For the Three Months EndedFor the Six Months Ended
Adjusted revenuesJune 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
June 30,
2022
June 30,
2023
June 30,
2022
Premiums$126$131$128$130$138$257$279
Universal life and investment-type product policy fees637266613613592
Net investment income1191009077115219275
Other revenues417256
Total adjusted revenues$312$304$291$270$289$616$652
Adjusted expenses
Policyholder benefits and claims$189$206$168$223$192$395$409
Interest credited to policyholder account balances23212223264430
Amortization of DAC and VOBA27272629295459
Interest expense on debt
Other operating costs55505639610535
Total adjusted expenses294304272314253598533
Adjusted earnings before provision for income tax1819(44)3618119
Provision for income tax expense (benefit)3(1)2(10)7224
Adjusted earnings$15$1$17$(34)$29$16$95

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Financial Supplement
11
Life — Select Operating Metrics (Unaudited, in millions)
For the Three Months Ended
LIFE ACCOUNT VALUE: GENERAL ACCOUNTJune 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
June 30,
2022
Universal and variable universal life account value, beginning of period$2,594$2,658$2,663$2,678$2,671
Premiums and deposits (1)5855545454
Withdrawals, surrenders and contract benefits(36)(95)(33)(44)(34)
Net flows22(40)211020
Net transfers from (to) separate account10117917
Interest credited2321242424
Policy charges and other (90)(56)(57)(58)(54)
Universal and variable universal life account value, end of period$2,559$2,594$2,658$2,663$2,678
LIFE ACCOUNT VALUE: SEPARATE ACCOUNT
Variable universal life account value, beginning of period$5,483$5,215$4,912$5,251$6,262
Premiums and deposits4042444443
Withdrawals, surrenders and contract benefits(68)(55)(43)(64)(52)
Net flows(28)(13)1(20)(9)
Investment performance312341364(263)(929)
Net transfers from (to) general account(10)(12)(10)(9)(16)
Policy charges and other(51)(48)(52)(47)(57)
Variable universal life account value, end of period$5,706$5,483$5,215$4,912$5,251
(1) Includes premiums and deposits directed to the general account investment option of variable products.

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Financial Supplement
12
Life — Select Operating Metrics (Cont.) (Unaudited, in millions)
For the Three Months EndedFor the Six Months Ended
LIFE SALESJune 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
June 30,
2022
June 30,
2023
June 30,
2022
Total life sales$25$23$22$19$19$48$39
As of
LIFE INSURANCE IN-FORCEJune 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
June 30,
2022
Whole Life
Life Insurance in-force, before reinsurance$17,915$18,063$18,264$18,422$18,490
Life Insurance in-force, net of reinsurance$3,017$3,035$3,069$3,156$3,113
Term Life
Life Insurance in-force, before reinsurance$356,596$358,592$360,611$364,251$368,082
Life Insurance in-force, net of reinsurance$286,928$287,628$288,522$290,746$292,839
Universal and Variable Universal Life
Life Insurance in-force, before reinsurance$45,039$45,474$46,000$46,336$46,876
Life Insurance in-force, net of reinsurance$33,793$34,008$34,463$34,597$34,981

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Financial Supplement
13
Run-off — Statements of Adjusted Earnings (Unaudited, in millions)
For the Three Months EndedFor the Six Months Ended
Adjusted revenuesJune 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
June 30,
2022
June 30,
2023
June 30,
2022
Premiums$1$—$—$2$—$1$—
Universal life and investment-type product policy fees124119116135131243257
Net investment income316254247168350570751
Other revenues778761414
Total adjusted revenues$448$380$371$312$487$828$1,022
Adjusted expenses
Policyholder benefits and claims$359$408$(44)$225$450$767$832
Interest credited to policyholder account balances7066726971136149
Amortization of DAC and VOBA
Interest expense on debt
Other operating costs4040453816680210
Total adjusted expenses469514733326879831,191
Adjusted earnings before provision for income tax(21)(134)298(20)(200)(155)(169)
Provision for income tax expense (benefit)(5)(28)62(4)(43)(33)(36)
Adjusted earnings$(16)$(106)$236$(16)$(157)$(122)$(133)

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Financial Supplement
14
Run-off — Select Operating Metrics (Unaudited, in millions)
For the Three Months Ended
UNIVERSAL LIFE WITH SECONDARY GUARANTEES ACCOUNT VALUEJune 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
June 30,
2022
Account value, beginning of period$5,218$5,307$5,380$5,454$5,512
Premiums and deposits (1)168171167173180
Withdrawals, surrenders and contract benefits(22)(44)(32)(32)(21)
Net flows146127135141159
Interest credited4344464645
Policy charges and other(219)(260)(254)(261)(262)
Account value, end of period$5,188$5,218$5,307$5,380$5,454
As of
LIFE INSURANCE IN-FORCEJune 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
June 30,
2022
Universal Life with Secondary Guarantees
Life Insurance in-force, before reinsurance$71,157$71,652$72,276$72,847$73,393
Life Insurance in-force, net of reinsurance$34,808$34,655$35,980$36,308$36,611
(1) Includes premiums and deposits directed to the general account investment option of variable products.

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Financial Supplement
15
Corporate & Other — Statements of Adjusted Earnings (Unaudited, in millions)
For the Three Months EndedFor the Six Months Ended
Adjusted revenuesJune 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
June 30,
2022
June 30,
2023
June 30,
2022
Premiums$—$—$—$—$—$—$—
Universal life and investment-type product policy fees
Net investment income15114913210859300100
Other revenues4(10)(6)
Total adjusted revenues$155$139$132$108$59$294$100
Adjusted expenses
Policyholder benefits and claims$—$—$(1)$—$—$—$1
Interest credited to policyholder account balances958672502718141
Amortization of DAC and VOBA
Interest expense on debt38383938387676
Other operating costs1710(11)34432769
Total adjusted expenses15013499122108284187
Adjusted earnings before provision for income tax5533(14)(49)10(87)
Provision for income tax expense (benefit)(1)(9)(92)(4)(27)(10)(30)
Adjusted earnings after provision for income tax614125(10)(22)20(57)
Less: Net income (loss) attributable to noncontrolling interests21222
Less: Preferred stock dividends25262625265153
Adjusted earnings$(19)$(14)$98$(37)$(48)$(33)$(112)

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Other Information

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Financial Supplement
17



Change in Market Risk Benefits and Net Derivative Gains (Losses) (Unaudited, in millions)
For the Three Months EndedFor the Six Months Ended
CHANGE IN MARKET RISK BENEFITSJune 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
June 30,
2022
June 30,
2023
June 30,
2022
Market risk benefits mark-to-market$1,173$(304)$1,290$786$(122)$869$1,306
Market risk benefits fees, net of claims148112195211189260367
Ceded reinsurance(21)(2)(6)(13)(5)(23)(32)
Total change in market risk benefits$1,300$(194)$1,479$984$62$1,106$1,641

For the Three Months EndedFor the Six Months Ended
NET DERIVATIVE GAINS (LOSSES)June 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
June 30,
2022
June 30,
2023
June 30,
2022
Net derivative gains (losses):
Variable annuity hedges$(73)$365$(274)$(772)$(188)$292$(505)
Shield embedded derivatives(1,693)(1,073)(1,323)5492,752(2,766)3,453
ULSG hedges(84)141(192)(483)(659)57(1,199)
Other hedges and embedded derivatives16(46)(167)9163(30)159
Subtotal(1,834)(613)(1,956)(615)1,968(2,447)1,908
Investment hedge adjustments2338332396115
Total net derivative gains (losses)$(1,811)$(575)$(1,923)$(592)$1,977$(2,386)$1,923

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Financial Supplement
18



Notable Items (Unaudited, in millions)
For the Three Months EndedFor the Six Months Ended
NOTABLE ITEMS IMPACTING ADJUSTED EARNINGSJune 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
June 30,
2022
June 30,
2023
June 30,
2022
Actuarial items and other insurance adjustments$—$—$(227)$(57)$200$—$219
Establishment costs1516921
Prior year tax matters(51)
Total notable items (1)$—$—$(263)$(41)$209$—$240
NOTABLE ITEMS BY SEGMENT AND CORPORATE & OTHER
Annuities$—$—$44$55$—$—$—
Life1619
Run-off(271)(128)200200
Corporate & Other(36)16921
Total notable items (1)$—$—$(263)$(41)$209$—$240
(1) See definitions for Non-GAAP and Other Financial Disclosures in the Appendix beginning on page A-2.

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Financial Supplement
19



Variable Annuity Separate Account Returns and Allocations (Unaudited)
For the Three Months Ended
VARIABLE ANNUITY SEPARATE ACCOUNT RETURNSJune 30,
2023
March 31,
2023
December 31,
2022
September 30,
2022
June 30,
2022
Total Quarterly VA separate account gross returns3.86%5.80%6.82%(5.41)%(12.58)%