Brighthouse Financial Announces First Quarter 2022 Results
Brighthouse Financial reported a strong financial performance for the first quarter of 2022, achieving a net income of $613 million or $7.91 per diluted share, compared to a net loss of $610 million in Q1 2021. Adjusted earnings, less notable items, were $315 million, down from $428 million a year ago. Notably, annuity and life sales declined by 3% and 13% respectively, attributed to macroeconomic challenges. The company’s holding assets totaled $1.4 billion, and its estimated risk-based capital ratio ranged between 450% and 470%.
- Net income available to shareholders increased to $613 million from a loss of $610 million Y/Y.
- Repurchased a total of $180 million of common stock year-to-date.
- Holding company liquid assets stood at $1.4 billion.
- Annuity sales decreased by 3% and life sales by 13% compared to Q1 2021.
- Adjusted earnings, less notable items, fell to $315 million from $428 million Y/Y.
-
Estimated combined risk-based capital ("RBC") ratio between
450% and470% ; holding company liquid assets of$1.4 billion -
The company repurchased
$180 million May 5, 2022 -
Annuity sales decreased
3% over the first quarter of 2021 -
Life sales decreased
13% over the first quarter of 2021 -
First quarter 2022 net income available to shareholders of
$613 million $7.91 -
First quarter 2022 adjusted earnings, less notable items*, of
$315 million $4.07
First Quarter 2022 Results
The company reported net income available to shareholders of
The company ended the first quarter of 2022 with common stockholders' equity ("book value") of
For the first quarter of 2022, the company reported adjusted earnings* of
* 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 First Quarter 2022
Adjusted earnings for the quarter reflected
-
$12 million
-
$9 million
Corporate expenses in the first quarter of 2022 were
Annuity sales decreased
During the first quarter of 2022, the company repurchased
"
Key Metrics (Unaudited, dollars in millions except share and per share amounts) |
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As of or For the Three Months Ended |
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Total |
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Per share |
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Total |
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Per share |
Net income (loss) available to shareholders (1) |
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Adjusted earnings (1) |
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Adjusted earnings, less notable items (1) |
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Weighted average common shares outstanding - diluted (1) |
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77,476,465 |
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N/A |
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88,124,035 |
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N/A |
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Book value |
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Book value, excluding AOCI |
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Ending common shares outstanding |
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75,799,704 |
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N/A |
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86,841,260 |
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N/A |
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(1) |
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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. |
Results by Segment and Corporate & Other (Unaudited, in millions)
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For the Three Months Ended |
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ADJUSTED EARNINGS |
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Annuities |
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Life |
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Run-off (1) |
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Corporate & Other (1) |
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(1) |
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The company uses the term “adjusted loss” throughout this news release to refer to negative adjusted earnings values. |
Sales (Unaudited, in millions)
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For the Three Months Ended |
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Annuities (1) |
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Life |
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(1) |
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Annuities sales include sales of a fixed index annuity product, which represents |
Annuities
Adjusted earnings in the Annuities segment were
There were no notable items in the current quarter or the first quarter of 2021. The fourth quarter of 2021 included a
On a quarter-over-quarter basis, adjusted earnings, less notable items, reflect higher reserves, lower fees and higher deferred acquisition costs ("DAC") amortization, partially offset by lower expenses. On a sequential basis, adjusted earnings, less notable items, reflect higher DAC amortization and reserves, and lower net investment income, partially offset by lower expenses.
As mentioned above, annuity sales decreased
Life
Adjusted earnings in the Life segment were
The current quarter included a
On a quarter-over-quarter basis, adjusted earnings, less notable items, reflect lower net investment income and a lower underwriting margin, partially offset by lower expenses. On a sequential basis, adjusted earnings, less notable items, reflect a lower underwriting margin and higher DAC amortization, partially offset by lower expenses.
As mentioned above, life sales decreased
Run-off
Adjusted earnings in the Run-off segment were
There were no notable items in the current quarter. The first quarter of 2021 included a
On a quarter-over-quarter basis, adjusted earnings, less notable items, reflect lower net investment income and a lower underwriting margin. On a sequential basis, adjusted earnings, less notable items, reflect a tax true-up in the prior quarter that was offset in Corporate & Other, a higher underwriting margin and lower expenses, partially offset by lower net investment income.
Corporate & Other
Corporate & Other had an adjusted loss of
The current quarter included a
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 a tax true-up in the prior quarter that was offset in the Run-off segment and a lower tax benefit, partially offset by lower expenses.
Net Investment Income and Adjusted Net Investment Income (Unaudited, in millions) |
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For the Three Months Ended |
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Net investment income |
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Adjusted net investment income |
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Net Investment Income
Net investment income was
The net investment income yield was
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As of |
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2022 (1) |
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Statutory combined total adjusted capital |
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(1) |
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Reflects preliminary statutory results as of |
Capitalization
As of
-
Statutory combined total adjusted capital(1) ("TAC") decreased to approximately
$8.5 billion
-
Estimated combined RBC ratio(1) between
450% and470% , which reflects the above-mentioned drivers of the decrease in TAC, as well as capital requirements associated with growth in new business; these drivers were partially offset by the positive impact from core variable annuity results
-
Holding company liquid assets were approximately
$1.4 billion
(1) |
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Reflects preliminary statutory results as of |
Earnings Conference Call
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 http://www.directeventreg.com/registration/event/1486402.
A replay of the conference call will be made available until
About
(1) |
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Ranked by 2020 admitted assets. Best's Review®: Top 200 U.S. Life/Health Insurers. |
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
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
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 following non-GAAP financial measures, previously referred to as operating measures, should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
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Non-GAAP financial measures: |
Most directly comparable GAAP financial measures: |
adjusted earnings |
net income (loss) available to shareholders (1) |
adjusted earnings, less notable items |
net income (loss) available to shareholders (1) |
adjusted revenues |
revenues |
adjusted expenses |
expenses |
adjusted earnings per common share |
earnings per common share, diluted (1) |
adjusted earnings per common share, less notable items |
earnings per common share, diluted (1) |
adjusted return on common equity |
return on common equity (2) |
adjusted return on common equity, less notable items |
return on common equity (2) |
adjusted net investment income |
net investment income |
(1) |
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Brighthouse uses net income (loss) available to shareholders to refer to net income (loss) available to |
(2) |
|
Brighthouse uses return on common equity to refer to return on |
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.
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);
- 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"); and
- Certain variable annuity GMIB fees ("GMIB Fees").
The following are significant items excluded from total expenses in calculating the adjusted expenses component of adjusted earnings:
- Amounts associated with benefits related to GMIBs ("GMIB Costs");
- Amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets ("Market Value Adjustments"); and
- Amortization of DAC and value of business acquired ("VOBA") related to (i) net investment gains (losses), (ii) net derivative gains (losses) and (iii) GMIB Fees and GMIB Costs.
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
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 net investment income, including Investment Hedge Adjustments.
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 "
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
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.
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 investment fees and expenses 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 other equity risk management strategies. Normalized statutory earnings (loss) may be further adjusted for certain unanticipated items that impacted 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
Condensed Statements of Operations (Unaudited, in millions) |
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For the Three Months Ended |
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Revenues |
|
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Premiums |
|
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Universal life and investment-type product policy fees |
|
841 |
|
906 |
|
930 |
Net investment income |
|
1,151 |
|
1,201 |
|
1,187 |
Other revenues |
|
137 |
|
101 |
|
127 |
Revenues before NIGL and NDGL |
|
2,295 |
|
2,376 |
|
2,428 |
Net investment gains (losses) |
|
(68) |
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(23) |
|
14 |
Net derivative gains (losses) |
|
513 |
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(337) |
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(1,504) |
Total revenues |
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Expenses |
|
|
|
|
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Policyholder benefits and claims |
|
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|
|
|
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Interest credited to policyholder account balances |
|
290 |
|
315 |
|
297 |
Amortization of DAC and VOBA |
|
227 |
|
127 |
|
91 |
Interest expense on debt |
|
38 |
|
41 |
|
41 |
Other expenses |
|
472 |
|
661 |
|
521 |
Total expenses |
|
1,933 |
|
1,967 |
|
1,706 |
Income (loss) before provision for income tax |
|
807 |
|
49 |
|
(768) |
Provision for income tax expense (benefit) |
|
165 |
|
(15) |
|
(185) |
Net income (loss) |
|
642 |
|
64 |
|
(583) |
Less: Net income (loss) attributable to noncontrolling interests |
|
2 |
|
1 |
|
2 |
Net income (loss) attributable to |
|
640 |
|
63 |
|
(585) |
Less: Preferred stock dividends |
|
27 |
|
21 |
|
25 |
Net income (loss) available to |
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Condensed Balance Sheets (Unaudited, in millions) |
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As of |
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ASSETS |
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Investments: |
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Fixed maturity securities available-for-sale |
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Equity securities |
|
80 |
|
101 |
|
106 |
Mortgage loans |
|
21,357 |
|
19,850 |
|
15,690 |
Policy loans |
|
1,270 |
|
1,264 |
|
1,245 |
Limited partnerships and limited liability companies |
|
4,587 |
|
4,271 |
|
3,219 |
Short-term investments |
|
1,062 |
|
1,841 |
|
1,673 |
Other invested assets |
|
2,568 |
|
3,316 |
|
2,267 |
Total investments |
|
113,420 |
|
118,225 |
|
103,171 |
Cash and cash equivalents |
|
4,101 |
|
4,474 |
|
4,025 |
Accrued investment income |
|
754 |
|
724 |
|
734 |
Reinsurance recoverables |
|
15,401 |
|
15,340 |
|
15,257 |
Premiums and other receivables |
|
889 |
|
754 |
|
872 |
DAC and VOBA |
|
5,581 |
|
5,377 |
|
5,148 |
Other assets |
|
465 |
|
482 |
|
506 |
Separate account assets |
|
104,441 |
|
114,464 |
|
112,224 |
Total assets |
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LIABILITIES AND EQUITY |
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Liabilities |
|
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Future policy benefits |
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|
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Policyholder account balances |
|
67,887 |
|
66,851 |
|
55,152 |
Other policy-related balances |
|
3,457 |
|
3,457 |
|
3,355 |
Payables for collateral under securities loaned and other transactions |
|
6,209 |
|
6,269 |
|
4,281 |
Long-term debt |
|
3,157 |
|
3,157 |
|
3,435 |
Current income tax payable |
|
61 |
|
62 |
|
152 |
Deferred income tax liability |
|
215 |
|
1,062 |
|
812 |
Other liabilities |
|
4,767 |
|
4,504 |
|
5,018 |
Separate account liabilities |
|
104,441 |
|
114,464 |
|
112,224 |
Total liabilities |
|
232,173 |
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243,633 |
|
226,855 |
Equity |
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Preferred stock, at par value |
|
— |
|
— |
|
— |
Common stock, at par value |
|
1 |
|
1 |
|
1 |
Additional paid-in capital |
|
14,133 |
|
14,154 |
|
13,858 |
Retained earnings (deficit) |
|
(2) |
|
(642) |
|
(1,119) |
|
|
(1,681) |
|
(1,543) |
|
(1,112) |
Accumulated other comprehensive income (loss) |
|
363 |
|
4,172 |
|
3,389 |
Total |
|
12,814 |
|
16,142 |
|
15,017 |
Noncontrolling interests |
|
65 |
|
65 |
|
65 |
Total equity |
|
12,879 |
|
16,207 |
|
15,082 |
Total liabilities and equity |
|
|
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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) |
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For the Three Months Ended |
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ADJUSTED EARNINGS, LESS NOTABLE ITEMS |
|
|
|
|
|
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Net income (loss) available to shareholders |
|
|
|
|
|
|
Less: Net investment gains (losses) |
|
(68) |
|
(23) |
|
14 |
Less: Net derivative gains (losses), excluding investment hedge adjustments |
|
507 |
|
(342) |
|
(1,509) |
Less: GMIB Fees and GMIB Costs |
|
(9) |
|
89 |
|
122 |
Less: Amortization of DAC and VOBA |
|
(64) |
|
(74) |
|
84 |
Less: Market value adjustments and other |
|
37 |
|
(5) |
|
31 |
Less: Provision for income tax (expense) benefit on reconciling adjustments |
|
(84) |
|
74 |
|
263 |
Adjusted earnings |
|
294 |
|
323 |
|
385 |
Less: Notable items |
|
(21) |
|
(93) |
|
(43) |
Adjusted earnings, less notable items |
|
|
|
|
|
|
|
|
|
|
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ADJUSTED EARNINGS, LESS NOTABLE ITEMS PER COMMON SHARE (1) |
|
|
|
|
|
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Net income (loss) available to shareholders per common share |
|
|
|
|
|
|
Less: Net investment gains (losses) |
|
(0.88) |
|
(0.29) |
|
0.16 |
Less: Net derivative gains (losses), excluding investment hedge adjustments |
|
6.54 |
|
(4.26) |
|
(17.23) |
Less: GMIB Fees and GMIB Costs |
|
(0.12) |
|
1.11 |
|
1.39 |
Less: Amortization of DAC and VOBA |
|
(0.83) |
|
(0.92) |
|
0.96 |
Less: Market value adjustments and other |
|
0.48 |
|
(0.06) |
|
0.35 |
Less: Provision for income tax (expense) benefit on reconciling adjustments |
|
(1.08) |
|
0.92 |
|
3.00 |
Less: Impact of inclusion of dilutive shares |
|
— |
|
— |
|
0.03 |
Adjusted earnings per common share |
|
3.79 |
|
4.02 |
|
4.36 |
Less: Notable items |
|
(0.27) |
|
(1.16) |
|
(0.49) |
Adjusted earnings, less notable items per common share |
|
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(1) |
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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. |
Reconciliation of Net Investment Income to Adjusted Net Investment Income (Unaudited, in millions) |
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For the Three Months Ended |
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Net investment income |
|
|
|
|
|
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Less: Investment hedge adjustments |
|
(6) |
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(5) |
|
(5) |
Adjusted net investment income |
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Notable Items (Unaudited, in millions) |
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For the Three Months Ended |
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NOTABLE ITEMS IMPACTING ADJUSTED EARNINGS |
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Actuarial items and other insurance adjustments |
|
|
|
|
|
|
Establishment costs |
|
12 |
|
21 |
|
14 |
Debt repayment costs |
|
— |
|
59 |
|
— |
Total notable items (1) |
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|
|
|
|
|
|
|
|
NOTABLE ITEMS BY SEGMENT AND CORPORATE & OTHER |
|
|
|
|
|
|
Annuities |
|
$— |
|
|
|
$— |
Life |
|
9 |
|
(9) |
|
— |
Run-off |
|
— |
|
51 |
|
29 |
Corporate & Other |
|
12 |
|
80 |
|
14 |
Total notable items (1) |
|
|
|
|
|
|
|
||||||
(1) |
|
See Non-GAAP and Other Financial Disclosures discussion in this news release. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220509005524/en/
FOR INVESTORS
(980) 949-3073
damante@brighthousefinancial.com
FOR MEDIA
(980) 949-3071
deon.roberts@brighthousefinancial.com
Source:
FAQ
What were Brighthouse Financial's net income and earnings per share for Q1 2022?
How much did Brighthouse Financial repurchase in common stock during 2022?
What was the change in annuity and life sales for Brighthouse Financial in Q1 2022?
What was the estimated risk-based capital ratio for Brighthouse Financial?
What were the adjusted earnings for Brighthouse Financial in Q1 2022?
