Brighthouse Financial (BHF) investor relations material

Executive summary

• Net income available to shareholders was $453 million for Q3 2025, up from $150 million in Q3 2024, and $219 million for the nine months ended September 30, 2025, compared to a loss of $360 million in the prior year.

• Adjusted earnings were $970 million for Q3 2025 and $1.4 billion for the nine months, both higher year-over-year.

• Adjusted earnings per share reached $16.87, compared to $12.58 in Q3 2024.

• Entered a definitive merger agreement for acquisition by Aquarian Capital at $70.00 per share, valuing the transaction at $4.1 billion, pending regulatory and shareholder approval.

• Results benefited from higher pre-tax adjusted earnings, a gain on the sale of a subsidiary, and record Shield Level Annuities sales, partially offset by unfavorable changes in variable annuity guaranteed benefit riders.

Financial highlights

• Total revenues for Q3 2025 were $1.82 billion, down from $2.02 billion in Q3 2024; adjusted revenues were stable at $2.17 billion.

• Net investment income for Q3 2025 was $1.33 billion, up from $1.29 billion in Q3 2024.

• Earnings per share for Q3 2025 were $7.93 (basic) and $7.89 (diluted), compared to $2.49 and $2.47 in Q3 2024.

• Book value per common share, excluding AOCI, rose to $151.94 from $145.63 a year ago.

• Adjusted net investment income yield was 4.40% for Q3 2025.

Outlook and guidance

• Combined risk-based capital ratio estimated at 435%-455% as of September 30, 2025, at the upper end of the target range.

• Management expects to remain within the RBC target range at year-end 2025 without additional capital contributions.

• Anticipate annual actuarial review will increase statutory reserves.

• The merger is expected to close upon satisfaction of customary conditions, including regulatory and shareholder approvals.

• Management highlighted ongoing focus on capital strength and risk management.