Brighthouse Financial, Inc.

BHF 10-Q · Q1 2026

BHF Q1 2026 request

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Income Statement

Income Statement
Metric Q1 2026 Q1 2025 YoY
Premiums Earned Net 168 186 -9.7%
Insurance Commissions And Fees 533 543 -1.8%
Net Investment Income 1,258 1,297 -3.0%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Interest Rate Swap 1 1 0.0%
Show Derivative Risk breakouts
Foreign Exchange Contract · Cash Flow Hedging 11 13 -15.4%
Interest Rate Contract · Cash Flow Hedging 1 1 0.0%
Show Consolidation Items breakouts
Material Reconciling Items -10 6 -266.7%
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts
Cash Flow Hedging · Investment Income 12 14 -14.3%
Show Income Statement Location breakouts
Investment Income 12 14 -14.3%
Show Investment Type breakouts
Limited Partner 64 56 +14.3%
Other Income 129 136 -5.1%
Realized Investment Gains Losses -52 -83 +37.3%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income -23 -25 +8.0%
Show Consolidation Items breakouts
Material Reconciling Items -52 -83 +37.3%
Show Investment Type breakouts
Debt Securities -39 -34 -14.7%
Equity Securities -2 -3 +33.3%
Mortgages -10 -43 +76.7%
Other Investments -1 -2 +50.0%
Gain Loss On Derivative Instruments Net Pretax -509 311 -263.7%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Currency Swap -2 3 -166.7%
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income -2 -6 +66.7%
Show Derivative Risk breakouts
Credit Risk Contract · Nondesignated -1 -1 0.0%
Embedded Derivative Financial Instruments · Nondesignated 812 1,177 -31.0%
Equity Contract · Nondesignated -1,151 -1,242 +7.3%
Foreign Exchange Contract · Cash Flow Hedging -2 3 -166.7%
Foreign Exchange Contract · Nondesignated 27 -15 +280.0%
Interest Rate Contract · Nondesignated -190 388 -149.0%
Show Hedging Designation breakouts
Nondesignated · Net Derivative Gain (Loss) [Member] -503 307 -263.8%
Show Derivative Instruments Gain Loss By Hedging Relationship breakouts
Cash Flow Hedging · Net Derivative Gain (Loss) [Member] -2 6 -133.3%
Show Income Statement Location breakouts
Net Derivative Gain (Loss) [Member] -505 313 -261.3%
Revenue 1,527 2,390 -36.1%
Show Business Segments breakouts
Annuities [Member] · Operating Segments 799 1,590 -49.7%
Corporate And Other · Operating Segments 133 151 -11.9%
Life [Member] · Operating Segments 241 281 -14.2%
Run-off [Member] · Operating Segments 354 368 -3.8%
Show Consolidation Items breakouts
Operating Segments 1,527 2,390 -36.1%
Policyholder Benefits And Claims Incurred Net 637 649 -1.8%
Show Business Segments breakouts
Annuities [Member] · Operating Segments 124 110 +12.7%
Life [Member] · Operating Segments 170 187 -9.1%
Run-off [Member] · Operating Segments 343 352 -2.6%
Interest Credited To Policyholders Account Balances 493 561 -12.1%
Show Product Lines breakouts
Company-Owned Life Insurance 8 6 +33.3%
Fixed Annuity 133 141 -5.7%
Indexed Annuity 196 192 +2.1%
ULSG 38 39 -2.6%
Universal Life 15 25 -40.0%
Variable Annuity 24 24 0.0%
Show Business Segments breakouts
Annuities [Member] · Operating Segments 334 358 -6.7%
Corporate And Other · Operating Segments 90 106 -15.1%
Life [Member] · Operating Segments 29 27 +7.4%
Run-off [Member] · Operating Segments 53 60 -11.7%
Show Consolidation Items breakouts
Material Reconciling Items 13 -10 +230.0%
Deferred Policy Acquisition Costs And Present Value Of Future Profits Amortization1 158 148 +6.8%
Show Business Segments breakouts
Annuities [Member] · Operating Segments 137 126 +8.7%
Life [Member] · Operating Segments 21 22 -4.5%
Market Risk Benefit Change In Fair Value Gain Loss 748 893 -16.2%
Show Consolidation Items breakouts
Material Reconciling Items 748 893 -16.2%
Operating Expenses 477 493 -3.2%
Benefits Losses And Expenses 2,513 2,744 -8.4%
Income Before Taxes -986 -354 -178.5%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income -1 -2 +50.0%
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income -1 7 -114.3%
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income -25 -31 +19.4%
Income Tax Expense (Benefit) -222 -88 -152.3%
Show Business Segments breakouts
Annuities [Member] · Operating Segments 76 73 +4.1%
Corporate And Other · Operating Segments -8 -5 -60.0%
Life [Member] · Operating Segments -2 1 -300.0%
Run-off [Member] · Operating Segments -13 -17 +23.5%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income -5 -7 +28.6%
Show Consolidation Items breakouts
Material Reconciling Items 275 140 +96.4%
Net Income -764 -266 -187.2%
Show Equity Components breakouts
Noncontrolling Interest 2 2 0.0%
Parent -766 -268 -185.8%
Retained Earnings -766 -268 -185.8%
Net Income Loss Attributable To Noncontrolling Interest 2 2 0.0%
Show Business Segments breakouts
Corporate And Other · Operating Segments 2 2 0.0%
Net Income -766 -268 -185.8%
Preferred Stock Dividends Income Statement Impact 26 26 0.0%
Show Business Segments breakouts
Corporate And Other · Operating Segments 26 26 0.0%
Net Income Loss Available To Common Stockholders Basic -792 -294 -169.4%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income -1 6 -116.7%
Accumulated Net Unrealized Investment Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income -20 -24 +16.7%
Show Reclassification Out Of Accumulated Other Comprehensive Income breakouts
Reclassification Out Of Accumulated Other Comprehensive Income -22 -20 -10.0%
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest -1,191 342 -448.2%
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest 2 2 0.0%
Comprehensive Income -1,193 340 -450.9%
EPS (Basic) -13.82 -5.04 -174.2%
EPS (Diluted) -13.82 -5.04 -174.2%
Operating Income (Q)
Show Business Segments breakouts
Annuities [Member] · Operating Segments 324 314 +3.2%
Corporate And Other · Operating Segments -31 -24 -29.2%
Life [Member] · Operating Segments -6 9 -166.7%
Run-off [Member] · Operating Segments -48 -64 +25.0%
Show Consolidation Items breakouts
Operating Segments 239 235 +1.7%
Wtd Avg Shares (Basic) 57,331,474 58,258,125 -1.6%
Wtd Avg Shares (Diluted) 57,331,474 58,258,125 -1.6%
Labor And Related Expense 114 130 -12.3%
Professional Fees 77 72 +6.9%
Revenue From Contract With Customer Including Assessed Tax (Q)
Show Product Lines breakouts
Distribution Service 64 65 -1.5%
Interest Expense (Q)
Show Business Segments breakouts
Corporate And Other · Operating Segments 38 38 0.0%
Other Expenses (Q)
Show Business Segments breakouts
Annuities [Member] · Operating Segments 360 363 -0.8%
Corporate And Other · Operating Segments 15 11 +36.4%
Life [Member] · Operating Segments 36 45 -20.0%
Run-off [Member] · Operating Segments 28 36 -22.2%

Balance Sheet

Balance Sheet
Metric Q1 2026 Q1 2025 YoY
Current Assets
Short-Term Investments 1,236
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 1,011
Fair Value Inputs Level2 225
Non-Current Assets
Equity Securities Fv Ni Current And Noncurrent 76 73 +4.1%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 65
Fair Value Inputs Level2 5
Fair Value Inputs Level3 6
Deferred Tax Assets 1,781 1,808 -1.5%
Total Assets 236,803 234,681 +0.9%
Show Business Segments breakouts
Annuities [Member] 163,357 160,690 +1.7%
Corporate And Other 21,589 22,810 -5.4%
Life [Member] 27,146 26,147 +3.8%
Run-off [Member] 24,711 25,034 -1.3%
Show Financial Instrument breakouts
Debt Securities · Variable Interest Entity Not Primary Beneficiary 12,674 14,276 -11.2%
Real Estate Investment · Variable Interest Entity Not Primary Beneficiary 4,280 4,266 +0.3%
Show Consolidated Entities breakouts
Variable Interest Entity Not Primary Beneficiary 16,954 18,542 -8.6%
Other Assets
Real Estate Investments 4,673 4,839 -3.4%
Other Short Term Investments 1,236 1,569 -21.2%
Other Investments 9,617 5,284 +82.0%
Investments 121,456 117,257 +3.6%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 4,907 4,667 +5.1%
Accrued Investment Income Receivable 1,302 1,267 +2.8%
Premiums And Other Receivables Net 20,826 21,188 -1.7%
Deferred Policy Acquisition Costs And Value Of Business Acquired 4,520 4,672 -3.3%
Show Product Lines breakouts
Fixed Annuity 170 170 0.0%
Indexed Annuity 1,599 1,492 +7.2%
Term and Whole Life Insurance 257 302 -14.9%
Universal Life 341 364 -6.3%
Variable Annuity 2,153 2,344 -8.1%
Income Tax Receivable 16 20 -20.0%
Market Risk Benefit Asset Amount 850 914 -7.0%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 850
Other Assets 324 364 -11.0%
Separate Account Assets 80,821 82,524 -2.1%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 19
Fair Value Inputs Level2 80,802
Show Separate Account Asset Category breakouts
Other Investments 2 4 -50.0%
Separate Account Cash And Cash Equivalents 5 1 +400.0%
Separate Account Debt Security 199 210 -5.2%
Separate Account Equity Security 80,615 82,309 -2.1%
Non-Current Liabilities
Long-Term Debt 3,154 3,155 -0.0%
Total Liabilities 231,175 229,377 +0.8%
Other Liabilities
Available For Sale Securities Debt Securities 81,232 80,640 +0.7%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 2,454
Fair Value Inputs Level1 · US Treasury And Government 2,454
Fair Value Inputs Level2 77,474
Fair Value Inputs Level2 · Asset Backed Securities 5,810
Fair Value Inputs Level2 · Commercial Mortgage Backed Securities 5,840
Fair Value Inputs Level2 · Domestic Corporate Debt Securities 37,566
Fair Value Inputs Level2 · Foreign Corporate Debt Securities 10,974
Fair Value Inputs Level2 · Foreign Government Debt Securities 871
Fair Value Inputs Level2 · Residential Mortgage Backed Securities 8,790
Fair Value Inputs Level2 · US States And Political Subdivisions 3,414
Fair Value Inputs Level2 · US Treasury And Government 4,209
Fair Value Inputs Level3 1,304
Fair Value Inputs Level3 · Asset Backed Securities 292
Fair Value Inputs Level3 · Domestic Corporate Debt Securities 770
Fair Value Inputs Level3 · Foreign Corporate Debt Securities 129
Fair Value Inputs Level3 · Foreign Government Debt Securities 24
Fair Value Inputs Level3 · Residential Mortgage Backed Securities 89
Show Financial Instrument breakouts
Asset Backed Securities 6,102 6,128 -0.4%
Commercial Mortgage Backed Securities 5,840 6,417 -9.0%
Domestic Corporate Debt Securities 38,336 37,543 +2.1%
Foreign Corporate Debt Securities 11,103 11,629 -4.5%
Foreign Government Debt Securities 895 965 -7.3%
Residential Mortgage Backed Securities 8,879 7,588 +17.0%
US States And Political Subdivisions 3,414 3,539 -3.5%
US Treasury And Government 6,663 6,831 -2.5%
Show Financial Instrument Income Producing Status [Axis] breakouts
Non-Income Producing 12 23 -47.8%
Show Fair Value By Asset Class breakouts
Asset Backed Securities 6,102
Commercial Mortgage Backed Securities 5,840
Domestic Corporate Debt Securities 38,336
Foreign Corporate Debt Securities 11,103
Foreign Government Debt Securities 895
Residential Mortgage Backed Securities 8,879
US States And Political Subdivisions 3,414
US Treasury And Government 6,663
Trading Securities Debt 544 365 +49.0%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 96
Fair Value Inputs Level2 448
Liability For Future Policy Benefit After Reinsurance 31,773 31,834 -0.2%
Show Product Lines breakouts
Immediate Variable Annuity 3,921 3,779 +3.8%
Structured Settlement and Pension Risk Transfer Annuities 5,782 6,050 -4.4%
Term and Whole Life Insurance 2,478 2,497 -0.8%
Policyholder Contract Deposits 86,379 85,618 +0.9%
Market Risk Benefit Liability Amount 8,564 9,165 -6.6%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 8,564
Other Policyholder Funds 3,994 3,866 +3.3%
Obligation To Return Securities Received As Collateral 4,661 3,904 +19.4%
Other Liabilities 11,829 9,311 +27.0%
Separate Accounts Liability 80,821 82,524 -2.1%
Show Product Lines breakouts
Company-Owned Life Insurance 2,336 2,249 +3.9%
Rollforwards Total 80,531 82,263 -2.1%
Universal Life 6,497 6,125 +6.1%
Variable Annuity 71,698 73,889 -3.0%
Variable Universal Life 6,497 6,125 +6.1%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Estimate Of Fair Value Fair Value Disclosure 1,181 1,149 +2.8%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 1,181 1,149 +2.8%
Estimate Of Fair Value Fair Value Disclosure 1,181 1,149 +2.8%
Stockholders' Equity
Common Stock 1 1 0.0%
Additional Paid-In Capital 13,869 13,939 -0.5%
Retained Earnings -1,452 -1,387 -4.7%
Treasury Stock Value -2,699 -2,644 -2.1%
Accumulated Other Comprehensive Income -4,156 -4,670 +11.0%
Total Stockholders' Equity 5,563 5,239 +6.2%
Minority Interest 65 65 0.0%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 5,628 5,304 +6.1%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent 255 352 -27.6%
Accumulated Net Unrealized Investment Gain Loss -4,262 -4,379 +2.7%
Accumulated Other Comprehensive Income -4,156 -4,670 +11.0%
Additional Paid In Capital 13,869 13,939 -0.5%
Aoci Including Portion Attributable To Noncontrolling Interest -4,156 -4,670 +11.0%
Aoci Liability For Future Policy Benefit Parent 1,045 1,027 +1.8%
Aoci Market Risk Benefit Instrument Specific Credit Risk Parent -1,168 -1,625 +28.1%
Common Stock 1 1 0.0%
Noncontrolling Interest 65 65 0.0%
Other (2) -26 -45 +42.2%
Parent 5,563 5,239 +6.2%
Retained Earnings -1,452 -1,387 -4.7%
Treasury Stock Common -2,699 -2,644 -2.1%
Total Liabilities & Equity 236,803 234,681 +0.9%
Mortgage Loans On Real Estate Commercial And Consumer Net 22,620 23,051 -1.9%
Loans Insurance Policy 1,458 1,436 +1.5%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 · Estimate Of Fair Value Fair Value Disclosure 563 568 -0.9%
Fair Value Inputs Level3 · Estimate Of Fair Value Fair Value Disclosure 925 986 -6.2%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 1,458 1,436 +1.5%
Estimate Of Fair Value Fair Value Disclosure 1,488 1,554 -4.2%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q1 2026 YTD Q1 2025 YoY
Operating Activities
Net Cash from Operations -221 146 -251.4%
Investing Activities
Proceeds From Sale And Maturity Of Available For Sale Securities 3,427 3,140 +9.1%
Proceeds From Sale And Maturity Of Trading Securities Heldforinvestment 22 6 +266.7%
Proceeds From Sale Of Equity Securities Fv Ni 2 12 -83.3%
Proceeds From Sale And Collection Of Mortgage Notes Receivable 825 448 +84.2%
Proceeds From Limited Partnership Investments 79 87 -9.2%
Purchases of Investments -3,454 -2,821 -22.4%
Payments To Acquire Trading Securities Heldforinvestment -68 -18 -277.8%
Payments To Acquire Mortgage Notes Receivable -664 -362 -83.4%
Payments To Acquire Limited Partnership Interests -54 -65 +16.9%
Cashreceivedinconnectionwithfreestandingderivatives 4,754 3,348 +42.0%
Cash Paid In Connection With Freestanding Derivatives -5,313 -4,110 -29.3%
Payments For Proceeds From Policy Loans -9 588 -101.5%
Payments For Proceeds From Short Term Investments -33 318 -110.4%
Net Change In Other Invested Assets 1
Net Cash from Investing -485 563 -186.1%
Financing Activities
Proceeds From Annuities And Investment Certificates 6,986 5,135 +36.0%
Repayments Of Annuities And Investment Certificates -6,700 -5,968 -12.3%
Net Change In Payables For Collateral Under Securities Loaned And Other Transactions -44 13 -438.5%
Repayments Of Long Term Debt -1
Payments Of Dividends Preferred Stock And Preference Stock -26 -26 0.0%
Payments For Proceeds From Derivative Instrument Financing Activities 24 -167 +114.4%
Proceeds From Payments For Other Financing Activities -13 -15 +13.3%
Net Cash from Financing 226 -1,087 +120.8%
Supplemental
Interest Paid 6 6 0.0%
Income Taxes Paid 4 7 -42.9%
Other Cash Flow
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect -480 -378 -27.0%

Values in millions USD. Source: SEC EDGAR 10-Q filing.

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