The company's capital base remains constrained with an equity-to-asset ratio hovering near 2%, leaving solvency buffers highly sensitive to market-driven fair value changes in policyholder benefits.
| Total Assets | 236.8B | 240.74B | 239.27B | 237.21B | 224.85B | 261.3B | 249.56B | 228.84B | 207.57B | 225.43B | 222.6B | 227.01B | 0 |
| Asset Growth % | 3.76% | 0.62% | 0.87% | 5.5% | -13.95% | 4.7% | 9.06% | 10.25% | -7.92% | 1.27% | -1.94% | - | - |
| Total Investment Assets | 4M | 206.16B | 203.02B | 203.73B | 193.56B | 232.69B | 221.5B | 202.89B | 181.44B | 200.59B | 193.68B | 198.08B | 0 |
| Long-Term Investments | 659.44B | 206.16B | 203.02B | 203.73B | 193.56B | 232.69B | 221.5B | 202.89B | 181.44B | 200.59B | 193.68B | 198.08B | 0 |
| Short-Term Investments | 83.01B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 110.06B | 6.06B | 26.17B | 23.61B | 254.89B | 20.57B | 20.27B | 17.64B | 17.84B | 15.38B | 19.88B | 20.45B | 0 |
| Cash & Equivalents | 4.91B | 5.39B | 5.04B | 3.85B | 4.12B | 4.47B | 4.11B | 2.88B | 4.14B | 1.86B | 5.23B | 1.57B | 0 |
| Receivables | 65.32B | 676M | 21.13B | 19.76B | 18.55B | 16.09B | 16.16B | 14.76B | 13.7B | 13.53B | 14.65B | 18.88B | 0 |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.05B | 20.38B | 17.04B | 24.5B | 23.15B | 0 |
| Goodwill & Intangibles | 4.9B | 0 | 204M | 228M | 5.08B | 5.38B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 4.52B | 0 | 204M | 228M | 5.08B | 307M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 87.57B | 0 | 64.64B | 0 | 64.58B | 85M | 60M |
| Other Assets | 82B | 27.08B | 6.17B | 6.22B | 1.32B | 1.21B | -81.47B | 6.73B | 7.01B | 8.21B | 8.38B | 8.14B | 0 |
| Total Liabilities | 231.18B | 233.91B | 234.24B | 232.2B | 219.25B | 245.09B | 231.47B | 212.6B | 193.09B | 210.85B | 207.74B | 210.17B | 0 |
| Total Debt | 3.15B | 3.15B | 3.15B | 3.16B | 3.16B | 3.16B | 3.44B | 4.37B | 3.96B | 3.61B | 4.71B | 4.73B | 4.83B |
| Net Debt | -1.75B | -2.23B | -1.89B | -695M | -959M | -1.32B | -672M | 1.49B | -182M | 1.75B | -521M | 3.16B | 0 |
| Long-Term Debt | 3.15B | 3.15B | 3.15B | 3.16B | 3.16B | 3.16B | 3.44B | 4.37B | 3.96B | 3.61B | 4.71B | 4.73B | 4.83B |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 95.03B | 0 | 0 | 0 | 82.19B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.39B | 0 | 0 |
| Other Current Liabilities | 90.37B | 0 | -3.89B | -3.67B | 77.63B | -6.27B | -2M | 4.39B | 5.07B | 4.17B | 7.4B | 10.64B | 0 |
| Deferred Taxes | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Other Liabilities | 132.99B | 230.75B | 229.27B | 227.52B | 215.61B | 239.42B | 224.73B | 205.3B | 187.48B | 205.07B | 200.31B | 201.35B | 0 |
| Total Equity | 5.63B | 6.83B | 5.02B | 5.01B | 5.6B | 16.21B | 18.09B | 16.24B | 14.48B | 14.58B | 14.86B | 16.84B | 17.52B |
| Equity Growth % | 93.53% | 36.01% | 0.32% | -10.54% | -65.46% | -10.4% | 11.4% | 12.11% | -0.67% | -1.9% | -11.74% | -3.91% | - |
| Shareholders Equity | 5.56B | 6.77B | 4.96B | 4.94B | 5.46B | 16.14B | 18.02B | 16.17B | 14.42B | 14.52B | 14.86B | 16.84B | 17.52B |
| Minority Interest | 65M | 65M | 65M | 65M | 65M | 65M | 65M | 65M | 65M | 65M | 0 | 0 | 0 |
| Retained Earnings | -1.45B | -686M | -1.12B | -1.51B | -637M | -642M | -534M | 585M | 1.35B | 707M | 0 | 0 | 0 |
| Common Stock | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 13.6B | 15.32B | 14.81B |
| Accumulated OCI | -4.16B | -3.73B | -5.28B | -5.25B | -5.93B | 4.17B | 5.72B | 3.24B | 716M | 1.38B | 1.26B | 1.52B | 2.71B |
| Return on Equity (ROE) | -1.06% | 7.3% | 7.74% | -20.97% | 35.58% | 9.58% | -6.18% | -4.82% | 5.95% | -2.57% | -18.54% | 6.51% | 6.61% |
| Return on Assets (ROA) | -0.03% | 0.18% | 0.16% | -0.48% | 1.6% | 0.64% | -0.44% | -0.34% | 0.4% | -0.17% | -1.31% | 0.49% | - |
| Equity / Assets | 2.38% | 2.84% | 2.1% | 2.11% | 2.49% | 6.2% | 7.25% | 7.1% | 6.98% | 6.47% | 6.68% | 7.42% | - |
| Debt / Equity | 0.56x | 0.46x | 0.63x | 0.63x | 0.56x | 0.19x | 0.19x | 0.27x | 0.27x | 0.25x | 0.32x | 0.28x | 0.28x |
| Book Value per Share | 97.48 | 119.52 | 81.56 | 75.86 | 76.08 | 191.88 | 189.70 | 144.32 | 123.23 | 121.73 | 121.10 | 137.21 | 142.80 |
| Tangible BV per Share | 19.19 | 119.52 | 78.25 | 72.41 | 6.99 | 188.24 | 189.70 | 144.32 | 123.23 | 121.73 | 121.10 | 137.21 | 142.80 |
Legacy liability capital intensity
According to reported financial statements, Brighthouse Financial's equity base has remained constrained, fluctuating between $4.1 billion and $6.8 billion over the last ten quarters, which suggests that the firm struggles to generate consistent organic capital growth amidst its significant legacy liability obligations and market-sensitive accounting adjustments.
The narrow equity buffer relative to total assets exceeding $230 billion indicates a highly leveraged balance sheet structure. This thin capitalization leaves little room for error, as any adverse movement in actuarial assumptions or market conditions directly threatens the firm's statutory solvency margins.
As indicated by quarterly filings, Brighthouse Financial's loss and benefit reserves have exhibited extreme volatility, with quarterly claims payments reaching as high as $2.3 billion in 2025Q1, underscoring the inherent difficulty in predicting long-tail liability outflows within the company's complex annuity and life insurance blocks.
The erratic nature of these reserve movements suggests that the company is highly susceptible to 'unlocking' events where management must adjust long-term assumptions. Investors should monitor whether these reserve fluctuations represent genuine shifts in risk or merely accounting noise resulting from the transition to LDTI standards.
Based on the provided data, the company's equity-to-asset ratio has consistently hovered near 2%, a level that appears precarious for a life insurer managing substantial market-linked guarantees, suggesting that capital adequacy is heavily dependent on favorable market performance rather than robust, internally generated capital buffers.
The reliance on share repurchases despite this thin equity base warrants further investigation into the company's statutory capital management strategy. It appears that management prioritizes returning capital to shareholders, which may limit the firm's ability to absorb unexpected shocks to its legacy Run-off segment.
Financial disclosures suggest that the Run-off segment continues to represent a significant, non-obvious risk to the balance sheet, as the legacy universal life and structured settlement liabilities may require additional capital injections if interest rate environments or mortality trends deviate from current management expectations.
While the market may view these liabilities as static, the potential for adverse development in long-tail lines could force a reallocation of capital away from the growth-oriented Shield annuity business. This structural tension between legacy obligations and new business expansion remains a primary concern for long-term balance sheet stability.
Quick answers to the most common questions about buying BHF stock.
As of 2025, Brighthouse Financial, Inc. (BHF) had total assets of $240.74B including $6.06B in current assets.
Brighthouse Financial, Inc. (BHF) carries total debt of $3.15B, offset by $5.39B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Brighthouse Financial, Inc. (BHF) has total shareholders' equity (book value) of $6.77B ($119.52 book value per share). Book value represents the net worth of the company belonging to common stock holders.