Brighthouse Financial (BHF) Q4 2025 earnings summary

Executive summary

• Fourth quarter 2025 net income available to shareholders was $112 million ($1.93 per diluted share), down from $646 million ($10.79 per diluted share) in Q4 2024, reflecting anticipated volatility due to hedge target and GAAP reserve differences.

• Full year 2025 net income available to shareholders was $331 million ($5.71 per diluted share), up from $286 million ($4.64 per diluted share) in 2024.

• Adjusted earnings, less notable items, for Q4 2025 were $227 million ($3.93 per diluted share), compared to $352 million ($5.88 per diluted share) in Q4 2024.

• Record full year annuity sales of $10.3 billion, driven by Shield Level Annuities; record life sales of $143 million, led by SmartCare.

Financial highlights

• Q4 2025 adjusted earnings were $214 million ($3.70 per diluted share), down from $304 million ($5.07 per diluted share) in Q4 2024.

• Full year 2025 adjusted earnings, less notable items, were $931 million ($16.07 per diluted share), down from $1,209 million ($19.63 per diluted share) in 2024.

• Book value at year-end 2025 was $5.1 billion ($88.66 per share); book value excluding AOCI was $8.8 billion ($153.89 per share).

• Corporate expenses for Q4 2025 were $234 million, up from $210 million in Q4 2024; full year corporate expenses were $880 million, up from $820 million in 2024.

Outlook and guidance

• Management expects continued volatility in net income due to market performance and differences between hedge targets and GAAP reserves.