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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