The following is a summary of the Brighthouse Financial, Inc. (BHF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Brighthouse Financial reported robust holding company liquid assets of $1.3 billion.

• Adjusted earnings, excluding notable items, amounted to $243 million, compared to $346 million in Q2 2024 and $275 million in Q3 2023.

• Total annuity sales reached $7.8 billion, consistent with the previous year, with flagship Shield Annuity products generating strong sales of $5.8 billion.

• Life insurance sales amounted to $87 million year-to-date through September 30, marking a 19% increase over the previous year.

Business Progress:

• The company has made substantial progress in simplifying its hedging strategy and is finalizing a reinsurance agreement expected to close before year-end, aimed at improving the RBC ratio.

• Brighthouse has launched several products, including BlackRock's LifePath Paycheck, and has entered the institutional space.

• Significant reductions in corporate expenses have been achieved, amounting to $610 million year-to-date, a 5% decrease year-over-year.

Opportunities:

• Brighthouse is actively pursuing multiple reinsurance opportunities and adjusting hedging strategies to improve capital efficiency and support robust product offerings like the Shield Annuity.

Risks:

• Despite improvements, normalized statutory losses and the transitioning hedging strategy have put temporary pressure on the RBC ratio, which has fluctuated between 365% and 385%.

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