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Brighthouse Financial

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FY2024 Annual Report · Brighthouse Financial
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Annual Report
to Stockholders
2024

We are on a mission to help  
people achieve financial security.
As one of the largest providers of annuities and life insurance in the U.S.,1 
we specialize in products designed to help people protect what they’ve earned 
and ensure it lasts. We are built on a foundation of experience and knowledge, 
which allows us to keep our promises and provide the value they deserve.
We’re  
Brighthouse 
Financial
1 Ranked by 2023 admitted assets. Best’s Review®: Top 200 U.S. Life/Health Insurers. AM Best, 2024.

To Our Stockholders, 
Brighthouse Financial had a mixed year in 2024. While we continued to execute our focused 
strategy and achieved strong financial, sales, and operational results, we also experienced 
challenges and delivered statutory results that did not meet our expectations. 
As to our achievements, we maintained a robust level of holding company liquid assets, 
continued to return capital to our stockholders through the repurchase of our common stock, 
delivered record sales of our flagship Shield® Level Annuities Product Suite (“Shield”) as well 
as record life insurance sales, launched new product updates and enhancements, and further 
demonstrated prudent management of our expenses. 
While I am proud of these achievements, our statutory results, including a normalized 
statutory loss of $1.3 billion, did not meet our expectations. That said, I am very pleased with 
the progress that we made in 2024 against several strategic initiatives designed to improve 
capital efficiency, unlock capital, and remain within our target combined risk-based capital 
(“RBC”) ratio range in normal market conditions. 
More information about our 2024 highlights is available below. 
Maintained a robust level of holding company liquid assets 
We ended 2024 with robust holding company liquid assets of $1.1 billion. Pro forma for a 
$100 million capital contribution (discussed below) from our holding company to Brighthouse 
Life Insurance Company (“BLIC”) made subsequent to December 31, 2024, our holding 
company liquid assets continued to be strong at $1 billion. 
Reached milestone of 50% reduction in common shares outstanding 
During 2024, we continued to return capital to our stockholders through the repurchase of our 
common stock. For the full year, we repurchased $250 million of our common stock, reducing 
shares outstanding relative to year-end 2023 by approximately 8%. As of year-end 2024, we 
have reduced the number of our common shares outstanding by more than 50% since we 
began our common stock repurchase program in August 2018. 
Delivered record Shield and life insurance sales as well as strong FIA sales growth 
We delivered record Shield sales in 2024. For the full year, Shield sales totaled $7.7 billion, an 
increase of 12% year-over-year. We are proud of our continued strong Shield sales and 
remaining a leader in the registered index-linked annuity marketplace. In 2024, we launched 
updates to our Shield suite that are designed to help these products remain competitive and 
adapt to changes in the industry. These updates to Shield also reflect Brighthouse Financial’s 
ongoing focus on meeting customers’ evolving needs. 
Our total annuity sales for 2024 were strong at $10 billion. While total annuity sales were 
down 5% year-over-year, this decrease was primarily driven by lower sales of fixed deferred 
annuities, which we expected given our transition midyear to a new reinsurer for this product. 
We are also pleased with the strong growth in our fixed indexed annuity (“FIA”) sales. Our FIA 
sales for 2024 increased 72% year-over-year, driven by sales of Brighthouse SecureKey® Fixed 
Indexed Annuities, which we launched in 2023. 

Our total life insurance sales for 2024 increased 18% year-over-year to a record $120 million. 
Additionally, in 2024, we introduced new enhancements to Brighthouse SmartCare®, our 
flagship life insurance product. 
Lastly, in 2024, we joined BlackRock in announcing the availability of BlackRock’s LifePath 
Paycheck™ retirement solution in defined contribution plans, and we received our first 
deposits from the solution. We could not be more excited to be working with BlackRock on 
LifePath Paycheck and, in doing so, help even more people achieve financial security in 
retirement. 
Reported lowest-ever corporate expenses 
Effectively managing our expenses remains a core element of our focused strategy. In 2024, 
we reported our lowest-ever full-year corporate expenses, which decreased 7% compared with 
full year 2023. 
We have made substantial progress in reducing our corporate expenses since we became an 
independent, publicly traded company, and we remain committed to disciplined expense 
management. 
Made progress on our capital-focused strategic initiatives 
Since Brighthouse Financial was established, we have demonstrated continued progress in 
our efforts to shift our business mix from our legacy block of higher capital-intensive business 
to more spread-based, less capital-intensive business. A key contributor to this success is the 
consistent, strong growth of our Shield block of business that we have driven over the years. 
This growth has created increased complexity associated with managing our variable annuity 
(“VA”) and Shield business on a combined basis and resulted in a strain on our statutory 
results in 2024. However, we have made significant progress against our capital-focused 
strategic initiatives, including: 
•
Fully transitioning, as of the end of 2024, to hedging Shield annuity new business on a 
standalone basis as part of our efforts to simplify our VA and Shield hedging strategy. 
We also continue to work on revising our hedging strategy for our in-force VA and first-
generation Shield book. 
•
Completing a reinsurance transaction with a third party to reinsure a legacy block of 
our fixed and payout annuities, effective as of September 30, 2024. 
•
Entering into an additional reinsurance transaction with a third party to reinsure a 
legacy block of universal life and variable universal life products residing within our life 
insurance segment. 
We ended 2024 with a combined RBC ratio of 402%, which is at the low end of our target 
range of 400% to 450% in normal market conditions. Our year-end 2024 combined RBC ratio 
reflects the $100 million capital contribution to BLIC, our largest operating subsidiary. We 
determined that it was prudent to make this contribution given the importance of the financial 
strength of our operating companies in supporting our distribution franchise. 
We remain focused on continuing to execute our strategic initiatives, and I look forward to 
updating you on our progress. 

Looking to the future 
The way in which people plan for their financial future continues to change. As one of the 
largest providers of annuities and life insurance in the U.S.,1 Brighthouse Financial is proud of 
the role that we play every day in helping people achieve financial security. We look forward to 
continuing to deliver on that mission, and I remain excited about what the future holds for our 
company. 
Thank you for your continued investment in and support of Brighthouse Financial. 
Sincerely, 
 
President and Chief Executive Officer 
Brighthouse Financial, Inc. 
1 Ranked by 2023 admitted assets. Best’s Review®: Top 200 U.S. Life/Health Insurers. AM Best, 2024. 
Annuities and life insurance are issued by, and product guarantees are solely the responsibility of, Brighthouse Life 
Insurance Company, Charlotte, NC 28277, New England Life Insurance Company, Boston, MA 02110, and, in 
New York only, by Brighthouse Life Insurance Company of NY, New York, NY 10017 (“Brighthouse Financial”). 
Registered products are distributed by Brighthouse Securities, LLC (member FINRA). All are Brighthouse Financial 
affiliated companies. 

 
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