Brighthouse Financial (BHF) Q3 2026 earnings summary

Executive summary

• Q3 net income available to common shareholders was $302M vs. $453M YoY; adjusted earnings were $527M vs. $970M. Diluted EPS was $5.21 reported and $9.12 adjusted.

• Adjusted earnings less notable items were $213M, or $3.68 per diluted share; the $314M net favorable notable-item impact was primarily associated with the annual actuarial review.

• 9M net income was $466M vs. $219M, while adjusted earnings were $1.024B vs. $1.403B.

Financial highlights

• Q3 GAAP revenue was $853M vs. $1.816B YoY; 9M revenue was $4.002B vs. $5.077B.

• Q3 net derivative losses were $1.146B vs. $410M; 9M losses were $2.132B vs. $1.336B.

• Adjusted net investment income was $1.310B with a 4.41% yield, vs. 4.17% in Q2 and 4.40% in Q3 2025.

• Common stockholders’ equity was $3.3B, or $57.59 per share; book value excluding AOCI was $9.3B, or $161.36 per share.

Outlook and guidance

• The proposed $70-per-share cash merger awaited insurance regulatory approvals in Delaware, New York and Massachusetts; approvals were not expected by the December 6, 2026 Outside Date, and an extension was under discussion.

• Combined RBC target was 400%–450% in normal markets; estimated ratio was 415%–435% at September 30, 2026.

• Short-term liquidity was $4.5B and liquid assets were $46.1B; liquidity capacity was assessed as sufficient in current markets and certain stress scenarios.