Revenue: As of FY2025 Q4, the actual value is USD 1.689 B.

EPS: As of FY2025 Q4, the actual value is USD 1.93.

Overall Financial Performance

• Net Income Available to Shareholders:
  • Fourth quarter 2025: $112 million
  • Fourth quarter 2024: $646 million
  • Full year 2025: $331 million
  • Full year 2024: $286 million
• Net Income (GAAP basis):
  • Fourth quarter 2025: $138 million
  • First quarter 2025: - $266 million
  • Fourth quarter 2024: $672 million
  • Full year 2025: $438 million
  • Full year 2024: $393 million
• Adjusted Earnings:
  • Fourth quarter 2025: $214 million
  • Fourth quarter 2024: $304 million
  • Full year 2025: $1,617 million
  • Full year 2024: $1,319 million
• Adjusted Earnings, less notable items:
  • Fourth quarter 2025: $227 million
  • Fourth quarter 2024: $352 million
  • Full year 2025: $931 million
  • Full year 2024: $1,209 million

Total Revenues and Expenses

• Total Revenues (GAAP basis):
  • Fourth quarter 2025: $1,689 million
  • First quarter 2025: $2,390 million
  • Fourth quarter 2024: $1,205 million
  • Full year 2025: $6,766 million
  • Full year 2024: $4,724 million
• Total Expenses (GAAP basis):
  • Fourth quarter 2025: $1,539 million
  • First quarter 2025: $2,744 million
  • Fourth quarter 2024: $371 million
  • Full year 2025: $6,292 million
  • Full year 2024: $4,302 million

Net Investment Income

• Net Investment Income:
  • Fourth quarter 2025: $1,328 million
  • Fourth quarter 2024: $1,373 million
• Adjusted Net Investment Income:
  • Fourth quarter 2025: $1,334 million
  • Fourth quarter 2024: $1,376 million
• Adjusted Net Investment Income Yield:
  • Fourth quarter 2025: 4.44%
  • Fourth quarter 2024: 4.51%

Corporate Expenses (Pre-Tax)

• Fourth quarter 2025: $234 million, an increase from $210 million in fourth quarter 2024 .
• Full year 2025: $880 million, compared with $820 million for full year 2024 .
• These expenses include $15 million for Q4 2025 and $32 million for full year 2025 related to the pending acquisition of Brighthouse Financial, Inc. .

Segment Adjusted Earnings

• Annuities:
  • Q4 2025 Adjusted Earnings: $304 million
  • Q4 2024 Adjusted Earnings: $279 million
  • Full year 2025 Adjusted Earnings: $1,254 million
  • Full year 2024 Adjusted Earnings: $1,251 million
  • Q4 2025 Total Adjusted Revenues: $1,334 million
  • Q4 2024 Total Adjusted Revenues: $1,350 million
  • Full year 2025 Total Adjusted Revenues: $5,345 million
  • Full year 2024 Total Adjusted Revenues: $5,282 million
• Life:
  • Q4 2025 Adjusted Earnings: $18 million
  • Q4 2024 Adjusted Earnings: $52 million
  • Full year 2025 Adjusted Earnings: $41 million
  • Full year 2024 Adjusted Earnings: $33 million
  • Q4 2025 Total Adjusted Revenues: $298 million
  • Q4 2024 Total Adjusted Revenues: $318 million
  • Full year 2025 Total Adjusted Revenues: $1,169 million
  • Full year 2024 Total Adjusted Revenues: $1,135 million
• Run-off:
  • Q4 2025 Adjusted Loss: - $58 million
  • Q4 2024 Adjusted Loss: - $27 million
  • Full year 2025 Adjusted Earnings: $436 million
  • Full year 2024 Adjusted Earnings: $65 million
  • Q4 2025 Total Adjusted Revenues: $398 million
  • Q4 2024 Total Adjusted Revenues: $433 million
  • Full year 2025 Total Adjusted Revenues: $1,532 million
  • Full year 2024 Total Adjusted Revenues: $1,595 million
• Corporate & Other:
  • Q4 2025 Adjusted Loss: - $50 million
  • Q4 2024 Adjusted Earnings: $0 million
  • Full year 2025 Adjusted Loss: - $114 million
  • Full year 2024 Adjusted Loss: - $30 million
  • Q4 2025 Total Adjusted Revenues: $144 million
  • Q4 2024 Total Adjusted Revenues: $172 million
  • Full year 2025 Total Adjusted Revenues: $609 million
  • Full year 2024 Total Adjusted Revenues: $706 million

Sales

• Annuity Sales:
  • Full year 2025: $10.3 billion, an increase of 3% year-over-year .
  • Fourth quarter 2025: $2,734 million .
  • Fourth quarter 2024: $2,239 million .
  • Shield Level Annuities sales increased 4% year-over-year .
  • Total variable and Shield Level annuity sales for full year 2025: $8,715 million, an increase from $8,300 million in 2024 .
  • Total fixed and income annuity sales for full year 2025: $1,619 million, a decrease from $1,748 million in 2024 .
• Life Sales:
  • Full year 2025: $143 million, an increase of 19% year-over-year .
  • Fourth quarter 2025: $36 million .
  • Fourth quarter 2024: $33 million .
  • Total life sales for full year 2025: $143 million, an increase from $120 million in 2024 .

Capital and Liquidity

• Preliminary Combined Risk-Based Capital (RBC) Ratio: 456% as of December 31, 2025, which is above the target range of 400% to 450% . The ratio was 402% at the end of 2024 .
• Holding Company Liquid Assets: $0.9 billion as of December 31, 2025 .
• Statutory Combined Total Adjusted Capital: $5.3 billion as of December 31, 2025 , decreased from $5,373 million at December 31, 2024 .
• Book Value (Common Stockholders’ Equity):
  • As of December 31, 2025: $5.1 billion
  • As of December 31, 2024: $3.26 billion
• Book Value, excluding Accumulated Other Comprehensive Income (AOCI):
  • As of December 31, 2025: $8.8 billion
  • As of December 31, 2024: $8.538 billion
• Common Stockholders’ Equity, excluding AOCI: Increased to $8,798 million as of December 31, 2025, from $8,538 million at December 31, 2024 .
• Adjusted Return on Common Equity, excluding AOCI: 19.0% for the four quarters ending December 31, 2025, compared to 16.2% for the same period in 2024 .
• Book Value per Common Share, excluding AOCI: $153.89 as of December 31, 2025, an increase from $145.63 at December 31, 2024 .

Balance Sheet

• Total Assets: $241,800 million as of December 31, 2025, compared to $238,537 million as of December 31, 2024 .
• Total Liabilities: $234,967 million at December 31, 2025, compared to $233,513 million at December 31, 2024 .
• Total Equity: $6,833 million as of December 31, 2025, an increase from $5,024 million at December 31, 2024 .

Account Values and In-Force Metrics

• Annuities Account Values:
  • Variable and Shield Level Annuities Account Value: $129,906 million at December 31, 2025, compared to $125,121 million at December 31, 2024 .
  • Fixed Annuities Account Value: $17,820 million at December 31, 2025, down from $19,577 million at December 31, 2024 .
  • Institutional Group Annuities Account Value: $569 million at December 31, 2025, up from $370 million at December 31, 2024 .
  • Income Annuity insurance liabilities: $4,788 million at December 31, 2025, compared to $4,518 million at December 31, 2024 .
• Life Account Values and In-Force:
  • Universal and variable universal life account value (general account): $2,627 million at December 31, 2025, up from $2,590 million at December 31, 2024 .
  • Variable universal life account value (separate account): $6,860 million at December 31, 2025, compared to $6,419 million at December 31, 2024 .
  • Life Insurance in-force, net of reinsurance (Whole Life): $2,761 million at December 31, 2025, down from $2,932 million at December 31, 2024 .
  • Life Insurance in-force, net of reinsurance (Term Life): $258,169 million at December 31, 2025, compared to $277,203 million at December 31, 2024 .
  • Universal and Variable Universal Life in-force, net of reinsurance: $31,603 million at December 31, 2025, a decrease from $32,459 million at December 31, 2024 .
• Run-off Account Values and In-Force:
  • Universal Life with Secondary Guarantees Account Value: $4,461 million at December 31, 2025, compared to $4,779 million at December 31, 2024 .
  • Life Insurance in-force, net of reinsurance (Universal Life with Secondary Guarantees): $32,190 million at December 31, 2025, down from $33,537 million at December 31, 2024 .
• Corporate & Other Account Balances:
  • Institutional spread margin business account balance: $9,477 million at December 31, 2025, down from $10,976 million at December 31, 2024 .

Cash Flow

• No specific cash flow metrics (e.g., operating cash flow, free cash flow) were provided in the reference text.

Outlook / Guidance

Brighthouse Financial, Inc. entered into a definitive merger agreement with Aquarian Capital LLC on November 6, 2025, for an all-cash transaction valued at approximately $4.1 billion, or $70.00 per share . Stockholders adopted the merger agreement on February 12, 2026, and the transaction is expected to close in 2026, subject to customary closing conditions including regulatory approvals . The company’s corporate expenses in Q4 2025 and full year 2025 included costs incurred in connection with this pending acquisition . While a general disclaimer about forward-looking statements is present, no specific financial guidance or outlook beyond general market factors and operational risks is provided .