Brighthouse Financial, Inc. - BHF STOCK NEWS

Brighthouse Financial (Nasdaq: BHF) reported a net loss of $1,045 million, or $11.69 per diluted share, for Q4 2020, slightly less than the $1,077 million loss in Q4 2019. Full-year 2020 net loss rose to $1,105 million from $761 million in 2019. Adjusted earnings for Q4 were $189 million, down from $282 million YoY. Annuity and life sales surged 58% and 25% respectively, with life sales growing 124% for the year. The company authorized a $200 million stock repurchase, adding to the $500 million previously announced. Book value was reported at $16.7 billion, or $188.90 per share.

Brighthouse Financial (Nasdaq: BHF) has authorized a new stock repurchase program of up to $200 million, complementing the previous $500 million authorization from February 2020, of which $53 million remains. The company aims to return $1.5 billion to shareholders by year-end 2021, and with this new program, they anticipate repurchasing a total of $1.3 billion, achieving over 85% of their target. This move reflects confidence in their financial strength and commitment to enhancing shareholder value.

Brighthouse Financial (Nasdaq: BHF) will hold a conference call and audio webcast to discuss its fourth quarter and full year financial results for 2020 on February 11, 2021, at 8:00 a.m. ET. The earnings release will be issued on February 10, 2021, after market close. The call aims to provide insights into the company’s performance and outlook. Investors can access the webcast and related presentation on Brighthouse Financial's Investor Relations web page. A replay will be available until March 5, 2021.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) for Brighthouse Life Insurance Company and its affiliates, reflecting a stable outlook. Brighthouse Financial’s Long-Term Issuer Credit Rating (ICR) is affirmed at 'bbb+' with a stable outlook. Key factors include strong balance sheet strength, good operating profitability, and improved brand positioning through product diversification, including the Shield Annuity and SmartCare. Despite declining capital levels and risks associated with legacy liabilities, Brighthouse shows solid risk management capabilities.

Brighthouse Financial (Nasdaq: BHF) has announced pricing terms for its cash tender offers for specific Notes, including 3.700% Senior Notes due 2027 and 4.700% Senior Notes due 2047. Due to high tender amounts exceeding the Tender Cap by the Early Tender Deadline, proration will be used for the acceptance of Notes. Payment for accepted Notes will occur on November 27, 2020, with the Offer expiring on December 9, 2020. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are the lead dealer managers for the Offers.

Brighthouse Financial (Nasdaq: BHF) announced early tender results for its cash tender offers regarding its senior notes. The aggregate principal amount for the 3.700% Senior Notes due 2027 is set at $199,716,000, while the 4.700% Senior Notes due 2047 is at $350,000,000. Both notes exceeded their tender caps, resulting in proration for acceptance. Validly tendered notes will be eligible for Total Consideration, with payments anticipated on November 27, 2020. The offers will expire on December 9, 2020 unless extended.

AM Best has assigned a Long-Term Issue Credit Rating of bbb- to Brighthouse Financial, Inc.'s ($500 million, 5.375% non-cumulative preferred stock, Series C). The outlook is stable. Proceeds will be used to repay senior notes maturing in 2027 and 2047, leading to a slightly positive impact on leverage. Recently, Brighthouse lowered its U.S. GAAP long-term mean reversion interest rate assumption by 75 basis points to 3.0%, negatively affecting GAAP equity. However, the estimated combined risk-based capital ratio stands between 525% and 545%, showing an improvement from earlier this year.

Brighthouse Financial (Nasdaq: BHF) has announced quarterly dividends for its preferred stock. Holders of record as of December 10, 2020, will receive $0.4125 per Series A Depositary Share and $0.421875 per Series B Depositary Share. The dividends will be paid on December 28, 2020, amounting to $412.50 and $421.875 per preferred share, respectively. This reflects the company's commitment to returning value to its investors. As one of the largest U.S. providers of annuities and life insurance, Brighthouse continues to focus on helping individuals achieve financial security.

Brighthouse Financial (BHF) has announced an increase in cash tender offers for its senior notes, raising the total principal amount to $175 million for 3.700% Senior Notes due 2027 and $325 million for 4.700% Senior Notes due 2047. The Financing Condition has also been amended from $200 million to $500 million in gross proceeds from a related offering. The tender offers are set to expire on December 9, 2020, with an early tender deadline of November 24, 2020, providing incentives for early participation.