Brighthouse Financial, Inc. (BHF) 10-Year Financial Performance & Capital Metrics

BHF • • Insurance & Managed Care

Financial ServicesLife InsuranceAnnuity-Focused ProvidersAnnuity Market Leaders

AboutBrighthouse Financial, Inc. provides annuity and life insurance products in the United States. It operates through three segments: Annuities, Life, and Run-off. The Annuities segment offers variable, fixed, index-linked, and income annuities for contract holders' needs for protected wealth accumulation on a tax-deferred basis, wealth transfer, and income security. The Life segment provides term, universal, whole, and variable life policies for policyholders' needs for financial security and protected wealth transfer. The Run-off segment manages structured settlements, pension risk transfer contracts, certain company-owned life insurance policies, funding agreements, and universal life with secondary guarantees. The company was incorporated in 2016 and is based in Charlotte, North Carolina.Show more

Revenue $4.37B +10.6%
Combined Ratio 90.34% -34.2%
Net Income $388M +134.9%
Return on Equity 7.74% +136.6%
Medical Cost Ratio 53.93% -41.1%
Operating Margin 9.66% +125.9%
Net Margin 8.88% +131.5%
ROA 0.16% +133.9%
Equity / Assets 2.11% -0.6%
Book Value per Share 81.56 +7.5%
Tangible BV/Share 81.56 +17.2%
Debt/Equity 0.63 -0.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 90.3% combined ratio
✓Low loss ratio of 53.9%
✓Healthy dividend yield of 2.6%
✓Share count reduced 6.7% through buybacks
✓Trading near 52-week high
✓Trading at only 0.8x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-7.42%

5Y-7.14%

3Y6.81%

TTM26.67%

Profit (Net Income) CAGR

10Y-10.37%

5Y-

3Y-38.19%

TTM180.58%

EPS CAGR

10Y-6.86%

5Y-

3Y-36.81%

TTM171.13%

ROCE

10Y Avg-0.02%

5Y Avg0.34%

3Y Avg0.5%

Latest0.18%

Peer Comparison

Annuity Market Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
BHFBrighthouse Financial, Inc.	3.66B	64.09	13.81	10.61%	16.4%	15.04%		0.63
JXNJackson Financial Inc.	7.81B	114.84	9.78	-2.31%	12.13%	5.49%	74.22%	0.44
JXN-PAJackson Financial Inc.		26.34	2.25	-2.31%	12.13%	5.49%		0.44

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	8.89B	3.06B	6.84B	8.67B	6.33B	8.27B	3.58B	6.63B	3.95B	4.37B
Revenue Growth %	-0.06%	-0.66%	1.24%	0.27%	-0.27%	0.31%	-0.57%	0.85%	-0.4%	0.11%
Medical Costs & Claims+	4.93B	5.44B	4.97B	5.4B	5.12B	7.57B	518M	56M	3.61B	2.36B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	3.96B	-2.38B	1.87B	3.27B	1.21B	697M	3.07B	6.57B	336M	2.01B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.06%	-1.6%	1.78%	0.75%	-0.63%	-0.42%	3.4%	1.14%	-0.95%	4.99%
Operating Expenses+	2.5B	2.33B	2.48B	2.28B	2.26B	2.12B	1.06B	1.84B	1.81B	1.59B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	26M	17M	17M	18M	0	0	0	0	0	0
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	1.46B	-4.71B	-615M	989M	-1.05B	-1.42B	2.01B	4.73B	-1.47B	422M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.04%	-4.22%	0.87%	2.61%	-2.06%	-0.35%	2.42%	1.36%	-1.31%	1.29%
EBITDA+	1.49B	-4.69B	-598M	1.01B	-861M	-1.24B	2.17B	4.88B	-1.32B	574M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	170M	175M	153M	158M	191M	184M	163M	153M	153M	152M
Non-Operating Income	-170M	-175M	-153M	-158M	-191M	-184M	-163M	-153M	-153M	-152M
Pretax Income+	1.46B	-4.71B	-615M	989M	-1.05B	-1.42B	2.01B	4.73B	-1.47B	422M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	343M	-1.77B	-237M	119M	-317M	-363M	361M	848M	-367M	29M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	1.12B	-2.94B	-378M	865M	-740M	-1.06B	1.64B	3.88B	-1.11B	388M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.03%	-3.63%	0.87%	3.29%	-1.86%	-0.43%	2.55%	1.36%	-1.29%	1.35%
EPS (Diluted)+	9.12	-23.95	-3.16	7.36	-6.53	-11.59	18.39	51.30	-18.39	4.64
EPS Growth %	-0.03%	-3.63%	0.87%	3.33%	-1.89%	-0.77%	2.59%	1.79%	-1.36%	1.25%
EPS (Basic)	9.12	-24.54	-3.16	7.36	-6.53	-11.59	18.55	51.73	-18.65	4.67
Diluted Shares Outstanding	122.72M	122.72M	119.77M	117.53M	112.51M	95.35M	84.47M	73.58M	66.01M	61.6M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	226.72B	221.93B	224.19B	206.29B	227.26B	247.87B	259.84B	225.72B	236.34B	238.54B
Asset Growth %	-0.02%	-0.02%	0.01%	-0.08%	0.1%	0.09%	0.05%	-0.13%	0.05%	0.01%
Total Investment Assets+	133.74B	80.63B	82.34B	83.18B	95.78B	174.42B	183.32B	158.18B	115.46B	117.39B
Long-Term Investments	67.8B	64.62B	67.2B	65.04B	75.52B	88.69B	93.8B	81.52B	87.21B	86.83B
Short-Term Investments	65.94B	62.98B	65.53B	62.61B	72.99B	85.74B	89.52B	76.66B	82.16B	81.92B
Total Current Assets+	86.65B	83.63B	66.85B	80.59B	0	106B	110.09B	98.96B	0	0
Cash & Equivalents	1.57B	5.23B	1.86B	4.14B	2.88B	4.11B	4.47B	4.12B	3.85B	5.04B
Receivables	1000K	0	1000K	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	3.51B	0	-90.65B	0	24.09B	-401M	-105.8B	-108.11B
Goodwill & Intangibles+	711M	641M	608M	568M	502M	504M	530M	587M	416M	0
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	711M	641M	608M	568M	502M	504M	530M	587M	416M	0
PP&E (Net)	85M	64.58B	0	64.64B	0	87.57B	93.26B	0	0	0
Other Assets	-286M	-65.26B	-67.81B	-65.61B	-76.02B	-89.19B	-94.33B	-82.11B	-87.62B	-86.83B
Total Liabilities	209.89B	207.07B	209.61B	191.81B	211.02B	229.78B	243.63B	220.19B	231.33B	233.51B
Total Debt+	4.73B	4.71B	3.61B	3.96B	4.37B	3.44B	3.16B	3.16B	3.16B	3.15B
Net Debt	3.16B	-521M	1.75B	-182M	1.49B	-672M	-1.32B	-959M	-695M	-1.89B
Long-Term Debt	4.73B	4.71B	3.61B	3.96B	4.37B	3.44B	3.16B	3.16B	3.16B	3.15B
Short-Term Debt	0	0	0	0	0	2M	2M	0	0	0
Total Current Liabilities+	10.64B	7.39B	740M	1M	0	126M	62M	38M	0	0
Accounts Payable	10.64B	7.39B	0	0	0	0	0	0	0	0
Deferred Revenue	0	7.39B	0	0	0	0	0	0	0	0
Other Current Liabilities	-10.64B	-7.39B	-4.17B	-15M	-4.39B	-2M	-2M	-4.52B	0	0
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Liabilities	-4.73B	-4.71B	206B	187.85B	-5.72B	226.34B	239.41B	216.09B	-3.16B	-3.15B
Total Equity+	16.84B	14.86B	14.58B	14.48B	16.24B	18.09B	16.21B	5.53B	5.01B	5.02B
Equity Growth %	-0.04%	-0.12%	-0.02%	-0.01%	0.12%	0.11%	-0.1%	-0.66%	-0.09%	0%
Shareholders Equity	16.84B	14.86B	14.52B	14.42B	16.17B	18.02B	16.14B	5.46B	4.94B	4.96B
Minority Interest	0	0	65M	65M	65M	65M	65M	65M	65M	65M
Retained Earnings	0	0	707M	1.35B	585M	-534M	-642M	-637M	-1.51B	-1.12B
Common Stock	15.32B	13.6B	1M	1M	1M	1M	1M	1M	1M	1M
Accumulated OCI	1.52B	1.26B	1.38B	716M	3.24B	5.72B	4.17B	-5.93B	-5.25B	-5.28B
Return on Equity (ROE)	0.07%	-0.19%	-0.03%	0.06%	-0.05%	-0.06%	0.1%	0.36%	-0.21%	0.08%
Return on Assets (ROA)	0%	-0.01%	-0%	0%	-0%	-0%	0.01%	0.02%	-0%	0%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.28x	0.32x	0.25x	0.27x	0.27x	0.19x	0.19x	0.57x	0.63x	0.63x
Book Value per Share	137.21	121.10	121.73	123.23	144.32	189.70	191.88	75.11	75.86	81.56
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	4.63B	3.74B	3.4B	3.06B	1.83B	888M	746M	-1.23B	-137M	-290M
Operating CF Growth %	-0.14%	-0.19%	-0.09%	-0.1%	-0.4%	-0.51%	-0.16%	-2.65%	0.89%	-1.12%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	1.12B	-2.94B	-378M	870M	-735M	-1.06B	-103M	10M	-1.11B	388M
Depreciation & Amortization	26M	17M	17M	18M	0	0	0	-233M	0	0
Stock-Based Compensation	8M	0	0	40M	21M	21M	23M	22M	0	0
Deferred Taxes	0	0	0	0	0	0	0	-22M	0	0
Other Non-Cash Items	-1.63B	4.61B	48M	-2.81B	-241M	-2.48B	-1.3B	-1.54B	2.23B	-577M
Working Capital Changes	5.12B	2.05B	3.71B	4.99B	2.78B	4.41B	2.13B	537M	-1.25B	-101M
Cash from Investing+	-7.04B	4.67B	-3.92B	-4.54B	-7.34B	-5.84B	-12.24B	-8.28B	-3.2B	-2.19B
Capital Expenditures	0	1.34B	-1.5B	0	0	0	0	0	248M	0
Acquisitions	193M	214M	1M	-83M	-161M	-404M	-566M	-562M	0	38M
Purchase of Investments	-45.54B	-42.51B	-22.63B	-19.42B	-21.52B	-20.21B	-25.79B	-20.49B	-10.35B	-16.42B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-1.11B	-2.06B	2M	-2.99B	-1.94B	-140M	-3.99B	-3.26B	-597M	561M
Cash from Financing+	2.38B	-4.75B	-2.85B	3.76B	4.25B	6.19B	11.86B	9.14B	3.07B	3.68B
Dividends Paid	0	0	-1.8B	0	-21M	-44M	-89M	-104M	-102M	-102M
Share Repurchases	-771M	-634M	-668M	-105M	-442M	-473M	-499M	-488M	-250M	-250M
Stock Issued	0	1.83B	0	0	0	0	0	0	0	0
Debt Issuance (Net)	-1000K	-1000K	1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Other Financing	3.21B	-4.09B	-1.16B	3.5B	3.9B	6.69B	12.39B	9.74B	3.42B	4.03B
Net Change in Cash+	-33M	3.66B	-3.37B	2.29B	-1.27B	1.23B	366M	-359M	-264M	1.19B
Exchange Rate Effect	-1000K	0	0	0	0	0	0	0	0	0
Cash at Beginning	1.6B	1.57B	5.23B	1.86B	4.14B	2.88B	4.11B	4.47B	4.12B	3.85B
Cash at End	1.57B	5.23B	1.86B	4.14B	2.88B	4.11B	4.47B	4.12B	3.85B	5.04B
Free Cash Flow+	4.63B	5.08B	1.9B	3.06B	1.83B	888M	746M	-1.23B	-137M	-290M
FCF Growth %	-0.49%	0.1%	-0.63%	0.61%	-0.4%	-0.51%	-0.16%	-2.65%	0.89%	-1.12%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	37.74	41.35	15.86	26.05	16.25	9.31	8.83	-16.69	-2.08	-4.71

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	83.56%	253.81%	108.99%	88.59%	116.63%	117.17%	43.96%	28.63%	137.32%	90.34%
Medical Cost Ratio	55.42%	177.8%	72.7%	62.32%	80.84%	91.57%	14.45%	0.84%	91.49%	53.93%
Return on Equity (ROE)	6.51%	-18.54%	-2.57%	5.95%	-4.82%	-6.18%	9.58%	35.7%	-21.11%	7.74%
Return on Assets (ROA)	0.49%	-1.31%	-0.17%	0.4%	-0.34%	-0.45%	0.65%	1.6%	-0.48%	0.16%
Equity / Assets	7.43%	6.7%	6.5%	7.02%	7.14%	7.3%	6.24%	2.45%	2.12%	2.11%
Book Value / Share	137.21	121.1	121.73	123.23	144.32	189.7	191.88	75.11	75.86	81.56
Debt / Equity	0.28x	0.32x	0.25x	0.27x	0.27x	0.19x	0.19x	0.57x	0.63x	0.63x
Revenue Growth	-5.9%	-65.59%	123.67%	26.67%	-27%	30.65%	-56.63%	84.94%	-40.42%	10.61%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Investment Product	-	-	3.11B	-	-	2.85B	2.32B	2.43B
Investment Product Growth	-	-	-	-	-	-	-18.77%	4.61%
Life Insurance Product Line	1.82B	1.83B	1.71B	-	-	1.41B	1.28B	1.02B
Life Insurance Product Line Growth	-	0.27%	-6.46%	-	-	-	-9.48%	-20.47%
Accident and Health Insurance Product Line	227M	1M	36M	-	-	10M	7M	21M
Accident and Health Insurance Product Line Growth	-	-99.56%	3500.00%	-	-	-	-30.00%	200.00%
Distribution Service	-	360M	336M	325M	360M	-	-	-
Distribution Service Growth	-	-	-6.67%	-3.27%	10.77%	-	-	-
Investments Product Line	-	3.3B	-	-	-	-	-	-
Investments Product Line Growth	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Brighthouse Financial, Inc. (BHF) has a price-to-earnings (P/E) ratio of 13.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Brighthouse Financial, Inc. (BHF) grew revenue by 10.6% over the past year. This is steady growth.

Yes, Brighthouse Financial, Inc. (BHF) is profitable, generating $967.0M in net income for fiscal year 2024 (8.9% net margin).

Dividend & Returns

Yes, Brighthouse Financial, Inc. (BHF) pays a dividend with a yield of 2.58%. This makes it attractive for income-focused investors.

Brighthouse Financial, Inc. (BHF) has a return on equity (ROE) of 7.7%. This is below average, suggesting room for improvement.

Industry Metrics

Brighthouse Financial, Inc. (BHF) has a combined ratio of 90.3%. A ratio below 100% indicates underwriting profitability.

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