Revenue: As of FY2026 Q2, the actual value is USD 1.622 B.

EPS: As of FY2026 Q2, the actual value is USD 16.53.

EBIT: As of FY2026 Q2, the actual value is USD 1.264 B.

Financial Performance Overview

Net Income and Adjusted Earnings

Net income available to shareholders for Brighthouse Financial, Inc. was $956 million in the second quarter of 2026, a significant increase from $60 million in the second quarter of 2025. Adjusted earnings for the second quarter of 2026 were $258 million, up from $198 million in the second quarter of 2025. Adjusted earnings, less notable items, also rose to $258 million in the second quarter of 2026, compared to $198 million in the second quarter of 2025.

Corporate Expenses

Corporate expenses were $204 million for the second quarter of 2026, compared to $202 million in the second quarter of 2025 and $227 million in the first quarter of 2026, all on a pre-tax basis. Excluding transaction-related costs in Q2 2025, corporate expenses increased by $9 million quarter-over-quarter.

Net Investment Income

Net investment income was $1,241 million in the second quarter of 2026, while adjusted net investment income was $1,239 million. Adjusted net investment income decreased by $53 million quarter-over-quarter and $29 million sequentially, primarily due to lower alternative investment income. The adjusted net investment income yield was 4.17% for the second quarter of 2026, compared to 4.28% for the second quarter of 2025.

GAAP Financials

Total GAAP revenues for the second quarter of 2026 were $1,622 million, an increase from $871 million in the second quarter of 2025. Total GAAP expenses were $396 million for the second quarter of 2026, a decrease from $778 million in the second quarter of 2025.

Sales Performance

Annuities Sales

Overall annuity sales reached $2.4 billion in the second quarter of 2026, an 11% sequential increase, driven by record sales of Shield Level Annuities, which exceeded $2.1 billion in the quarter and were approximately $4.0 billion in the first half of 2026. However, overall annuity sales decreased by 7% quarter-over-quarter and 5% year-to-date, mainly due to lower fixed annuity sales, partially offset by Shield Level Annuities. Total Variable and Shield Level Annuity Sales were $2,292 million in Q2 2026, up from $2,105 million in Q2 2025. Total Fixed and Income Annuity Sales were $133 million in Q2 2026, a decrease from $505 million in Q2 2025.

Life Sales

Life sales totaled $39 million in the second quarter of 2026, marking a 22% sequential increase, an 18% quarter-over-quarter increase, and a 3% year-to-date increase, compared to $33 million in Q2 2025.

Adjusted Earnings by Segment

Annuities Segment

Adjusted earnings for the Annuities segment were $349 million in the second quarter of 2026, an increase from $332 million in the second quarter of 2025 and $324 million in the first quarter of 2026. This increase reflects higher net investment income, partially offset by lower income annuity underwriting margin and higher DAC amortization.

Life Segment

The Life segment reported an adjusted loss of -$4 million in the second quarter of 2026, an improvement from an adjusted loss of -$26 million in the second quarter of 2025 and -$6 million in the first quarter of 2026. The adjusted loss, less notable items, improved due to a higher underwriting margin, partially offset by lower net investment income.

Run-off Segment

In the Run-off segment, the adjusted loss was -$56 million for the second quarter of 2026, an improvement from -$83 million in the second quarter of 2025, but a deterioration from -$48 million in the first quarter of 2026. The quarter-over-quarter improvement reflects a higher underwriting margin and lower expenses, partially offset by lower net investment income.

Corporate & Other Segment

The Corporate & Other segment recorded an adjusted loss of -$31 million in the second quarter of 2026, compared to -$25 million in the second quarter of 2025 and -$31 million in the first quarter of 2026. The quarter-over-quarter adjusted loss reflects lower net investment income, partially offset by higher interest credited.

Segment Revenues (Adjusted)

Total adjusted revenues for Annuities were $1,374 million in Q2 2026, up from $1,331 million in Q2 2025. For Life, adjusted revenues were $253 million in Q2 2026, down from $283 million in Q2 2025. The Run-off segment’s adjusted revenues were $339 million in Q2 2026, down from $382 million in Q2 2025. Corporate & Other adjusted revenues were $137 million in Q2 2026, down from $158 million in Q2 2025.

Segment Expenses (Adjusted)

Total adjusted expenses for Annuities were $943 million in Q2 2026, up from $921 million in Q2 2025. For Life, adjusted expenses were $260 million in Q2 2026, down from $316 million in Q2 2025. The Run-off segment’s adjusted expenses were $409 million in Q2 2026, down from $487 million in Q2 2025. Corporate & Other adjusted expenses were $150 million in Q2 2026, down from $161 million in Q2 2025.

Capital and Liquidity

Statutory Capital

As of June 30, 2026, statutory combined total adjusted capital was $4.9 billion, relatively flat from March 31, 2026, and down from $5.6 billion as of June 30, 2025. The combined total adjusted capital was $4,900 million as of June 30, 2026, a decrease from $5,560 million as of June 30, 2025.

RBC Ratio

The estimated combined risk-based capital (“RBC”) ratio was between 430% and 450% as of June 30, 2026, consistent with the first quarter of 2026 and within the upper end of the target range of 400% to 450% in normal markets. The combined risk-based capital ratio was between 430%-450% as of June 30, 2026, compared to 405%-425% as of June 30, 2025.

Holding Company Liquid Assets

Holding company liquid assets stood at $0.9 billion as of June 30, 2026.

Operational Metrics (Account Values and In-force)

Annuity Account Values

Variable and Shield Level Annuities account value was $132,977 million at the end of Q2 2026, up from $127,180 million at the end of Q2 2025. Fixed Annuities account value was $16,954 million at the end of Q2 2026, down from $19,339 million at the end of Q2 2025. Institutional Group Annuities account value was $660 million at the end of Q2 2026, up from $566 million at the end of Q2 2025. Income Annuity Insurance Liabilities were $4,817 million at the end of Q2 2026, compared to $4,645 million at the end of Q2 2025.

Life Account Values and In-force

Universal and Variable Universal Life Account Value (General Account) was $2,653 million at the end of Q2 2026, up from $2,605 million at the end of Q2 2025. Variable Universal Life Account Value (Separate Account) was $7,209 million at the end of Q2 2026, up from $6,632 million at the end of Q2 2025. Life Insurance In-force, Net of Reinsurance (Whole Life) stood at $2,709 million at the end of Q2 2026, compared to $2,818 million at the end of Q2 2025. Life Insurance In-force, Net of Reinsurance (Term Life) was $249,861 million at the end of Q2 2026, down from $267,845 million at the end of Q2 2025. Life Insurance In-force, Net of Reinsurance (Universal and Variable Universal Life) was $31,225 million at the end of Q2 2026, down from $32,026 million at the end of Q2 2025. Universal Life with Secondary Guarantees Account Value was $4,321 million at the end of Q2 2026, down from $4,619 million at the end of Q2 2025. Life Insurance In-force, Net of Reinsurance (Universal Life with Secondary Guarantees) was $31,608 million at the end of Q2 2026, down from $32,879 million at the end of Q2 2025.

Institutional Spread Margin Business

The Institutional Spread Margin Business Account Balance was $9,106 million at the end of Q2 2026, down from $10,149 million at the end of Q2 2025.

Investment Metrics

Total Investments and Cash and Cash Equivalents totaled $132,137 million as of June 30, 2026, an increase from $126,016 million as of December 31, 2025.

Outlook

Brighthouse Financial, Inc. is in the process of a definitive merger agreement with an affiliate of Aquarian Capital LLC, valued at approximately $4.1 billion or $70.00 per share in an all-cash transaction. The merger’s completion is contingent on receiving insurance regulatory approvals in Delaware, New York, and Massachusetts, with all other conditions either satisfied or waived. The company anticipates the merger to close in 2026, with a potential extension of the agreement to December 6, 2026, if regulatory approvals are not obtained by September 6, 2026.