Highlights

  • Q3 2025 net income rises to USD 453 million, up from USD 150 million in 2024.
  • Adjusted earnings reach USD 970 million, including USD 709 million in favorable items.
  • Shield Level Annuities deliver record sales during the quarter.

Brighthouse Financial, Inc. (NASDAQ:BHF) announced its financial results for the third quarter ended September 30, 2025. The company reported net income available to shareholders of USD 453 million, or USD 7.89 per diluted share, compared to USD 150 million, or USD 2.47 per diluted share, in the same period last year.

The company noted that volatility in net income may occur due to differences between hedge targets and GAAP reserves, which are affected by market performance.

During the quarter, Brighthouse completed its annual GAAP actuarial review. The review produced a net favorable impact of USD 316 million on net income. As part of this review, the company increased its long-term mean reversion interest rate assumption for the 10-year U.S. Treasury from 4.00% to 4.50% and revised its policyholder behavior assumptions.

Adjusted Earnings and Book Value

Adjusted earnings for Q3 2025 were USD 970 million, or USD 16.87 per diluted share, compared with USD 767 million, or USD 12.58 per diluted share, a year earlier. Adjusted earnings included USD 709 million of net favorable notable items related to the actuarial review and insurance adjustments.

Brighthouse ended the quarter with book value of USD 4.7 billion, or USD 81.60 per common share. Book value excluding accumulated other comprehensive income (AOCI) stood at USD 8.7 billion, or USD 151.94 per common share.

Corporate expenses were USD 205 million for the quarter, slightly higher than USD 203 million in the prior-year period.

Operational Performance

Annuity sales increased 8% from the prior quarter and 5% sequentially, driven by record Shield Level Annuity sales and higher fixed annuity sales. Year-to-date annuity sales were down 3%, but Shield Level Annuity sales rose 3% compared with 2024.

Life sales rose 27% from the prior quarter, 15% sequentially, and 23% year-to-date through the third quarter compared with the same period in 2024.

CEO Commentary and Strategic Update

“Brighthouse Financial delivered solid results in the quarter as we continued to execute our strategy,” said Eric Steigerwalt, president and CEO of Brighthouse Financial. “In addition to producing strong sales, including achieving another record quarter for sales of our flagship Shield annuity products, we completed the separation of our legacy VA and first-generation Shield business, and ended the quarter with an estimated combined RBC ratio of 435% to 455%, at the upper end of our target range of 400% to 450% in normal market conditions.”

He added, “We believe the transaction with Aquarian Capital that we announced today will deliver clear and compelling value to our stockholders, while positioning Brighthouse Financial to continue pursuing growth opportunities and advancing our mission of helping people achieve financial security.”