Revenue: As of FY2026 Q1, the actual value is USD 1.527 B.

EPS: As of FY2026 Q1, the actual value is USD -13.82.

EBIT: As of FY2026 Q1, the actual value is USD -948 M.

Overall Financial Performance

• Net Loss Available to Shareholders: Brighthouse Financial, Inc. reported a net loss available to shareholders of - $792 million in the first quarter of 2026, compared to a net loss of - $294 million in the first quarter of 2025. The company anticipates volatility in net income (loss) due to differences between its hedge target and GAAP reserves, which are affected by market performance .
• Adjusted Earnings: Adjusted earnings for the first quarter of 2026 were $239 million, up from $235 million in the first quarter of 2025 .
• Adjusted Earnings, Less Notable Items: Adjusted earnings, less notable items, were $251 million in the first quarter of 2026, compared to $245 million in the first quarter of 2025 .
• Corporate Expenses: Corporate expenses in the first quarter of 2026 were $227 million, a decrease from $239 million in the first quarter of 2025 and $234 million in the fourth quarter of 2025, all on a pre-tax basis . Excluding transaction-related costs, corporate expenses decreased $7 million quarter-over-quarter and increased $8 million sequentially .

Balance Sheet Metrics

• Common Stockholders’ Equity (Book Value): As of March 31, 2026, common stockholders’ equity was $3.9 billion, or $67.27 per common share, compared to $3.54 billion, or $61.17 per common share, as of March 31, 2025 .
• Book Value, Excluding Accumulated Other Comprehensive Income (AOCI): Book value, excluding AOCI, was $8.0 billion, or $139.63 per common share, as of March 31, 2026, compared to $8.21 billion, or $141.87 per common share, as of March 31, 2025 .
• Statutory Combined Total Adjusted Capital: As of March 31, 2026, statutory combined total adjusted capital was $5.0 billion, a decline from $5.3 billion as of December 31, 2025, and $5.5 billion as of March 31, 2025 .
• Total Assets: Total assets were $236,803 million as of March 31, 2026, compared to $234,681 million as of March 31, 2025 .
• Total Liabilities: Total liabilities were $231,175 million as of March 31, 2026, compared to $229,377 million as of March 31, 2025 .
• Total Equity: Total equity was $5,628 million as of March 31, 2026, compared to $5,304 million as of March 31, 2025 .

Sales Performance

• Annuity Sales: Annuity sales totaled $2.2 billion in the first quarter of 2026, primarily driven by $1.9 billion in sales of Shield Level Annuities, reflecting a 4% decrease quarter-over-quarter and a 20% decrease sequentially . Total variable and Shield Level annuity sales were $2,033 million for the first quarter of 2026, compared to $2,122 million for the first quarter of 2025 . Total fixed and income annuity sales were $145 million for the first quarter of 2026, compared to $137 million for the first quarter of 2025 .
• Life Sales: Life sales were $32 million for the first quarter of 2026, primarily driven by sales of Brighthouse SmartCare, representing an 11% decrease both quarter-over-quarter and sequentially . This compares to $36 million for the first quarter of 2025 .

Segment Adjusted Earnings

• Annuities: Adjusted earnings for the Annuities segment were $324 million in the first quarter of 2026, compared to $314 million in the first quarter of 2025 and $304 million in the fourth quarter of 2025 . On a quarter-over-quarter basis, adjusted earnings, less notable items, reflected lower fees and higher amortization of deferred acquisition costs, largely offset by higher net investment income . Total adjusted revenues for Annuities were $1,355 million in Q1 2026 versus $1,344 million in Q1 2025, with total adjusted expenses at $955 million in Q1 2026 versus $957 million in Q1 2025 .
• Life: The Life segment reported an adjusted loss of - $6 million in the first quarter of 2026, compared to adjusted earnings of $9 million in the first quarter of 2025 and $18 million in the fourth quarter of 2025 . On a quarter-over-quarter basis, adjusted earnings, less notable items, reflected a lower underwriting margin and lower net investment income, partially offset by lower expenses . Total adjusted revenues for Life were $248 million in Q1 2026 versus $291 million in Q1 2025, with total adjusted expenses at $256 million in Q1 2026 versus $281 million in Q1 2025 .
• Run-off: The Run-off segment had an adjusted loss of - $48 million in the first quarter of 2026, compared to an adjusted loss of - $64 million in the first quarter of 2025 and - $58 million in the fourth quarter of 2025 . The adjusted loss, less notable items, on a quarter-over-quarter basis, reflected a higher underwriting margin and lower expenses . Total adjusted revenues for Run-off were $363 million in Q1 2026 versus $367 million in Q1 2025, with total adjusted expenses at $424 million in Q1 2026 versus $448 million in Q1 2025 .
• Corporate & Other: The Corporate & Other segment reported an adjusted loss of - $31 million in the first quarter of 2026, compared to an adjusted loss of - $24 million in the first quarter of 2025 and - $50 million in the fourth quarter of 2025 . The adjusted loss on a quarter-over-quarter basis reflected lower net investment income, partially offset by a higher tax benefit . Total adjusted revenues for Corporate & Other were $132 million in Q1 2026 versus $154 million in Q1 2025, with total adjusted expenses at $143 million in Q1 2026 versus $155 million in Q1 2025 .

Unique Financial Indicators

• Estimated Combined Risk-Based Capital (RBC) Ratio: The estimated combined RBC ratio was between 430% and 450% as of March 31, 2026, which is at the upper-end of the target range of 400% to 450% in normal market conditions . This compares to 420%-440% as of March 31, 2025 .
• Holding Company Liquid Assets: Holding company liquid assets were $0.9 billion as of March 31, 2026 .
• Adjusted Net Investment Income: Adjusted net investment income was $1,268 million in the first quarter of 2026, decreasing $23 million quarter-over-quarter and $66 million sequentially, driven by lower alternative investment income .
• Adjusted Net Investment Income Yield: The adjusted net investment income yield was 4.24% during the first quarter of 2026, compared to 4.25% for the first quarter of 2025 .
• Adjusted Return on Common Equity, Excluding AOCI: This was 19.3% for the four quarters cumulative trailing basis ended March 31, 2026, compared to 20.4% for the four quarters cumulative trailing basis ended March 31, 2025 .

Outlook / Guidance

Brighthouse Financial, Inc. stockholders adopted the merger agreement with Aquarian Capital LLC on February 12, 2026 . The transaction is expected to close in 2026, subject to customary closing conditions, including receipt of insurance regulatory approvals . The financial supplement includes a general disclaimer about forward-looking statements and risks but does not provide specific financial guidance or performance targets .