Brighthouse Financial Announces Second Quarter 2021 Results
- Announced a new repurchase authorization of up to an additional
$1 billion of common stock - The company repurchased
$246 million of its common stock year-to-date throughAugust 4, 2021 - Estimated combined risk-based capital ("RBC") ratio between 480% and 500%; holding company liquid assets of
$1.6 billion -
$250 million subsidiary ordinary dividend paid to the holding company in the second quarter of 2021 - Regulatory approval for
$600 million dividend fromBrighthouse Reinsurance Company of Delaware toBrighthouse Life Insurance Company received inJuly 2021 - Annuity sales increased 25% over the second quarter of 2020
- Life sales increased 117% over the second quarter of 2020
- Second quarter 2021 net income available to shareholders of
$10 million , or$0.11 per diluted share - Second quarter 2021 adjusted earnings, less notable items*, of
$458 million , or$5.32 per diluted share
Second Quarter 2021 Results
The company reported net income available to shareholders of
The company ended the second quarter of 2021 with common stockholders' equity ("book value") of
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* Information regarding the non-GAAP and other financial measures included in this news release and a reconciliation of such non-GAAP financial measures to the most directly comparable GAAP measures are provided in the Non-GAAP and Other Financial Disclosures discussion below, as well as in the tables that accompany this news release and/or the Second Quarter 2021 
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For the second quarter of 2021, the company reported adjusted earnings* of
Adjusted earnings for the quarter reflected a
Corporate expenses in the second quarter of 2021 were
Annuity sales increased 25% quarter-over-quarter and 8% sequentially, driven by record sales of
During the second quarter of 2021, the company repurchased
"
Key Metrics (Unaudited, dollars in millions except share and per share amounts)
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As of or For the Three Months Ended |
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Total |
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Per share |
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Total |
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Per share |
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Net income (loss) available to shareholders (1) |
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Adjusted earnings (1) |
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Adjusted earnings, less notable items (1) |
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Weighted average common shares outstanding - diluted (1) |
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86,065,150 |
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N/A |
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94,837,492 |
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N/A |
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Book value |
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Book value, excluding AOCI |
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Ending common shares outstanding |
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84,223,669 |
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N/A |
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92,979,854 |
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N/A |
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(1) |
Per share amounts are on a diluted basis and may not recalculate due to rounding. For loss periods, dilutive shares were not included in the calculation as inclusion of such shares would have an anti-dilutive effect. See Non-GAAP and Other Financial Disclosures discussion in this news release. |
Results by Segment and Corporate & Other (Unaudited, in millions)
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For the Three Months Ended |
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ADJUSTED EARNINGS |
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Annuities |
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Life |
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Run-off (1) |
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Corporate & Other (1) |
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(1) |
The company uses the term “adjusted loss” throughout this news release to refer to negative adjusted earnings values. |
Sales (Unaudited, in millions)
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For the Three Months Ended |
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Annuities (1) |
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Life |
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(1) |
Annuities sales include sales of a fixed index annuity product sold by |
Annuities
Adjusted earnings in the Annuities segment were
There were no notable items in the current quarter or the comparison quarters.
On a quarter-over-quarter basis, adjusted earnings reflect higher net investment income, higher fees, lower deferred acquisition costs ("DAC") amortization and lower reserves, partially offset by higher expenses. On a sequential basis, adjusted earnings reflect lower reserves, partially offset by higher expenses and lower net investment income.
As mentioned above, annuity sales increased 25% quarter-over-quarter and 8% sequentially, driven by record sales of
Life
Adjusted earnings in the Life segment were
There were no notable items in the current quarter or the comparison quarters.
On a quarter-over-quarter basis, adjusted earnings reflect higher net investment income, partially offset by a lower underwriting margin. On a sequential basis, adjusted earnings reflect lower DAC amortization, a higher underwriting margin and higher net investment income.
As mentioned above, life sales increased 117% quarter-over-quarter and 13% sequentially, driven by sales of SmartCare.
Run-off
Adjusted earnings in the Run-off segment were
There were no notable items in the current quarter or the second quarter of 2020. The first quarter of 2021 included a
On both a quarter-over-quarter basis and sequential basis, adjusted earnings, less notable items, reflect higher net investment income, partially offset by a lower underwriting margin.
Corporate & Other
Corporate & Other had an adjusted loss of
The current quarter and the comparison quarters each included an unfavorable notable item related to establishment costs of
On a quarter-over-quarter basis, the adjusted loss, less notable items, reflects higher total preferred stock dividends, partially offset by lower expenses. On a sequential basis, the adjusted loss, less notable items, reflects higher expenses and a lower tax benefit, partially offset by lower total preferred stock dividends.
Net Investment Income and Adjusted Net Investment Income (Unaudited, in millions)
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For the Three Months Ended |
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Net investment income |
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Adjusted net investment income |
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Net Investment Income
Net investment income was
The net investment income yield was 5.08% during the quarter.
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As of |
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2021 (1) |
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Statutory combined total adjusted capital |
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(1) |
Reflects preliminary statutory results as of |
Capitalization
At
- Estimated combined RBC ratio between 480% and 500%
- Holding company liquid assets were approximately
$1.6 billion
- Combined statutory total adjusted capital on a preliminary basis of approximately
$9.4 billion , consistent with the prior quarter, driven by positive market factors, offset by a$250 million subsidiary ordinary dividend paid to the holding company
Earnings Conference Call
To listen to the audio webcast via the internet and to access the related presentation, please visit the Brighthouse Financial Investor Relations webpage at http://investor.brighthousefinancial.com. To join the conference call via telephone, please dial (844) 358-9117 (+1 (209) 905-5952 from outside the
A replay of the conference call will be made available until
About
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(1) Ranked by 2020 admitted assets. Best's Review®: Top 200 U.S. Life/Health Insurers. |
Note Regarding Forward-Looking Statements
This news release and other oral or written statements that we make from time to time may contain information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks and uncertainties. We have tried, wherever possible, to identify such statements using words such as "anticipate," "estimate," "expect," "project," "may," "will," "could," "intend," "goal," "target," "guidance," "forecast," "preliminary," "objective," "continue," "aim," "plan," "believe" and other words and terms of similar meaning, or that are tied to future periods, in connection with a discussion of future operating or financial performance. In particular, these include, without limitation, statements relating to future actions, prospective services or products, financial projections, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, as well as trends in operating and financial results.
Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of
For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements included and the risks, uncertainties and other factors identified in our Annual Report on Form 10-K for the year ended
Non-GAAP and Other Financial Disclosures
Our definitions of the non-GAAP and other financial measures may differ from those used by other companies.
Non-GAAP Financial Disclosures
We present certain measures of our performance that are not calculated in accordance with accounting principles generally accepted in
The following non-GAAP financial measures, previously referred to as operating measures, should not be viewed as substitutes for the most directly comparable financial measures calculated in accordance with GAAP:
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Non-GAAP financial measures: |
Most directly comparable GAAP financial measures: |
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adjusted earnings |
net income (loss) available to shareholders (1) |
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adjusted earnings, less notable items |
net income (loss) available to shareholders (1) |
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adjusted revenues |
revenues |
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adjusted expenses |
expenses |
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adjusted earnings per common share |
earnings per common share, diluted (1) |
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adjusted earnings per common share, less notable items |
earnings per common share, diluted (1) |
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adjusted return on common equity |
return on common equity (2) |
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adjusted return on common equity, less notable items |
return on common equity (2) |
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adjusted net investment income |
net investment income |
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(1)
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Brighthouse uses net income (loss) available to shareholders to refer to net income (loss) available to |
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(2) |
Brighthouse uses return on common equity to refer to return on |
Reconciliations to the most directly comparable historical GAAP measures are included for those measures which are presented herein. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are not accessible on a forward-looking basis because we believe it is not possible without unreasonable efforts to provide other than a range of net investment gains and losses and net derivative gains and losses, which can fluctuate significantly within or outside the range and from period to period and may have a material impact on net income (loss) available to shareholders.
Adjusted Earnings, Adjusted Revenues and Adjusted Expenses
Adjusted earnings, which may be positive or negative, is used by management to evaluate performance, allocate resources and facilitate comparisons to industry results. This financial measure focuses on our primary businesses principally by excluding the impact of market volatility, which could distort trends.
Adjusted earnings reflects adjusted revenues less adjusted expenses, both net of income tax, and excludes net income (loss) attributable to noncontrolling interests and preferred stock dividends. Provided below are the adjustments to GAAP revenues and GAAP expenses used to calculate adjusted revenues and adjusted expenses, respectively.
The following are significant items excluded from total revenues, net of income tax, in calculating the adjusted revenues component of adjusted earnings:
- Net investment gains (losses);
- Net derivative gains (losses) ("NDGL"), except earned income and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment ("Investment Hedge Adjustments"); and
- Certain variable annuity GMIB fees ("GMIB Fees").
The following are significant items excluded from total expenses, net of income tax, in calculating the adjusted expenses component of adjusted earnings:
- Amounts associated with benefits related to GMIBs ("GMIB Costs");
- Amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and market value adjustments associated with surrenders or terminations of contracts ("Market Value Adjustments"); and
- Amortization of DAC and value of business acquired ("VOBA") related to (i) net investment gains (losses), (ii) net derivative gains (losses), (iii) GMIB Fees and GMIB Costs and (iv) Market Value Adjustments.
The tax impact of the adjustments mentioned is calculated net of the statutory tax rate, which could differ from our effective tax rate.
Consistent with GAAP guidance for segment reporting, adjusted earnings is also our GAAP measure of segment performance.
Adjusted Earnings per Common Share and Adjusted Return on Common Equity
Adjusted earnings per common share and adjusted return on common equity are measures used by management to evaluate the execution of our business strategy and align such strategy with our shareholders' interests.
Adjusted earnings per common share is defined as adjusted earnings for the period divided by the weighted average number of fully diluted shares of common stock outstanding for the period. The weighted average common shares outstanding used to calculate adjusted earnings per share will differ from such shares used to calculate diluted net income (loss) available to shareholders per common share when the inclusion of dilutive shares has an anti-dilutive effect for one calculation but not for the other.
Adjusted return on common equity is defined as total annual adjusted earnings on a four quarter trailing basis, divided by the simple average of the most recent five quarters of total
Adjusted Net Investment Income
We present adjusted net investment income to measure our performance for management purposes, and we believe it enhances the understanding of our investment portfolio results. Adjusted net investment income represents net investment income, including investment hedge adjustments.
Other Financial Disclosures
Corporate Expenses
Corporate expenses includes functional department expenses, public company expenses, certain investment expenses, retirement funding and incentive compensation; and excludes establishment costs.
Notable items
Certain of the non-GAAP measures described above may be presented further adjusted to exclude notable items. Notable items reflect the impact on our results of certain unanticipated items and events, as well as certain items and events that were anticipated, such as establishment costs. The presentation of notable items and non-GAAP measures, less notable items is intended to help investors better understand our results and to evaluate and forecast those results.
Book Value per Common Share and Book Value per Common Share, excluding AOCI
Brighthouse uses the term "book value" to refer to "
CTE95
CTE95 is defined as the amount of assets required to satisfy contract holder obligations across market environments in the average of the worst five percent of a set of capital market scenarios over the life of the contracts.
CTE98
CTE98 is defined as the amount of assets required to satisfy contract holder obligations across market environments in the average of the worst two percent of a set of capital market scenarios over the life of the contracts.
Holding Company Liquid Assets
Holding company liquid assets include liquid assets in
Total adjusted capital primarily consists of statutory capital and surplus, as well as the statutory asset valuation reserve. When referred to as “combined,” represents that of our insurance subsidiaries as a whole.
Sales
Life insurance sales consist of 100 percent of annualized new premium for term life, first-year paid premium for whole life, universal life, and variable universal life, and total paid premium for indexed universal life. We exclude company-sponsored internal exchanges, corporate-owned life insurance, bank-owned life insurance, and private placement variable universal life.
Annuity sales consist of 100 percent of direct statutory premiums, except for fixed index annuity sales distributed through MassMutual that consist of 90 percent of gross sales. Annuity sales exclude certain internal exchanges. These sales statistics do not correspond to revenues under GAAP, but are used as relevant measures of business activity.
Net Investment Income Yield
Similar to adjusted net investment income, we present net investment income yields as a performance measure we believe enhances the understanding of our investment portfolio results. Net investment income yields are calculated on adjusted net investment income as a percent of average quarterly asset carrying values. Asset carrying values exclude unrealized gains (losses), collateral received in connection with our securities lending program, freestanding derivative assets and collateral received from derivative counterparties. Investment fee and expense yields are calculated as investment fees and expenses as a percent of average quarterly asset estimated fair values. Asset estimated fair values exclude collateral received in connection with our securities lending program, freestanding derivative assets and collateral received from derivative counterparties.
Normalized Statutory Earnings (Loss)
Normalized statutory earnings (loss) is used by management to measure our insurance companies’ ability to pay future distributions and is reflective of whether our hedging program functions as intended. Normalized statutory earnings (loss) is calculated as statutory pre-tax net gain from operations adjusted for the favorable or unfavorable impacts of (i) net realized capital gains (losses), (ii) the change in total asset requirement at CTE95, net of the change in our variable annuity reserves, and (iii) unrealized gains (losses) associated with our variable annuities risk management strategy. Normalized statutory earnings (loss) may be further adjusted for certain unanticipated items that impacted our results in order to help management and investors better understand, evaluate and forecast those results.
Risk-Based Capital Ratio
The risk-based capital ratio is a method of measuring an insurance company’s capital, taking into consideration its relative size and risk profile, in order to ensure compliance with minimum regulatory capital requirements set by the
Condensed Statements of Operations (Unaudited, in millions)
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For the Three Months Ended |
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Revenues |
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Premiums |
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Universal life and investment-type product policy fees |
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919 |
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930 |
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827 |
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Net investment income |
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1,212 |
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1,187 |
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652 |
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Other revenues |
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101 |
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127 |
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93 |
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Revenues before NIGL and NDGL |
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2,394 |
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2,428 |
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1,765 |
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Net investment gains (losses) |
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(34) |
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14 |
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(34) |
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Net derivative gains (losses) |
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(684) |
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(1,504) |
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(2,653) |
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Total revenues |
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Expenses |
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Interest credited to policyholder account balances |
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Policyholder benefits and claims |
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752 |
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756 |
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839 |
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Amortization of DAC and VOBA |
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8 |
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91 |
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(92) |
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Interest expense on debt |
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40 |
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41 |
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45 |
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Other expenses |
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568 |
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521 |
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532 |
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Total expenses |
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1,655 |
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1,706 |
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1,600 |
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Income (loss) before provision for income tax |
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21 |
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(768) |
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(2,522) |
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Provision for income tax expense (benefit) |
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(10) |
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(185) |
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(531) |
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Net income (loss) |
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31 |
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(583) |
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(1,991) |
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Less: Net income (loss) attributable to noncontrolling interests |
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— |
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2 |
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— |
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Net income (loss) attributable to |
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31 |
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(585) |
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(1,991) |
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Less: Preferred stock dividends |
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21 |
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25 |
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7 |
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Net income (loss) available to |
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Condensed Balance Sheets (Unaudited, in millions)
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As of |
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ASSETS |
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Investments: |
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Fixed maturity securities available-for-sale |
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Equity securities |
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91 |
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106 |
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129 |
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Mortgage loans |
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16,732 |
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15,690 |
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15,791 |
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Policy loans |
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1,255 |
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1,245 |
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1,201 |
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Limited partnerships and limited liability companies |
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3,546 |
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3,219 |
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2,354 |
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Short-term investments |
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1,293 |
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1,673 |
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4,537 |
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Other invested assets |
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2,863 |
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2,267 |
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6,364 |
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Total investments |
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110,565 |
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103,171 |
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107,172 |
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Cash and cash equivalents |
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4,882 |
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4,025 |
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7,325 |
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Accrued investment income |
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827 |
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734 |
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664 |
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Reinsurance recoverables |
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15,290 |
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15,257 |
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14,359 |
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Premiums and other receivables |
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837 |
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872 |
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859 |
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DAC and VOBA |
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5,122 |
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5,148 |
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4,856 |
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Current income tax recoverable |
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— |
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— |
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1 |
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Other assets |
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494 |
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506 |
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532 |
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Separate account assets |
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115,839 |
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112,224 |
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99,599 |
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Total assets |
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LIABILITIES AND EQUITY |
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Liabilities |
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Future policy benefits |
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Policyholder account balances |
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60,300 |
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55,152 |
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50,338 |
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Other policy-related balances |
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3,356 |
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3,355 |
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3,152 |
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Payables for collateral under securities loaned and other transactions |
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5,143 |
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4,281 |
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7,876 |
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Long-term debt |
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3,436 |
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3,435 |
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3,979 |
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Current income tax payable |
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150 |
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152 |
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— |
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Deferred income tax liability |
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1,109 |
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812 |
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2,567 |
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Other liabilities |
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4,916 |
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5,018 |
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5,041 |
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Separate account liabilities |
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115,839 |
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112,224 |
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99,599 |
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Total liabilities |
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237,676 |
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226,855 |
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214,393 |
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Equity |
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Preferred stock, at par value |
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— |
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— |
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— |
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Common stock, at par value |
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1 |
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1 |
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1 |
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Additional paid-in capital |
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13,842 |
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13,858 |
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13,307 |
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Retained earnings (deficit) |
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(1,088) |
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(1,119) |
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3,523 |
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(1,236) |
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(1,112) |
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(887) |
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Accumulated other comprehensive income (loss) |
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4,596 |
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3,389 |
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4,965 |
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Total |
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16,115 |
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15,017 |
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20,909 |
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Noncontrolling interests |
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65 |
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65 |
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65 |
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Total equity |
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16,180 |
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15,082 |
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20,974 |
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Total liabilities and equity |
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Reconciliation of Net Income (Loss) Available to Shareholders to Adjusted Earnings and Adjusted Earnings, Less Notable Items, and Reconciliation of Net Income (Loss) Available to Shareholders per Common Share to Adjusted Earnings per Common Share and Adjusted Earnings, Less Notable Items per Common Share (Unaudited, in millions except per share data)
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For the Three Months Ended |
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ADJUSTED EARNINGS, LESS NOTABLE ITEMS |
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Net income (loss) available to shareholders |
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|
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Less: Net investment gains (losses) |
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(34) |
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14 |
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(34) |
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Less: Net derivative gains (losses), excluding investment hedge adjustments |
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(689) |
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(1,509) |
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(2,657) |
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Less: GMIB Fees and GMIB Costs |
|
75 |
|
122 |
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(125) |
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Less: Amortization of DAC and VOBA |
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128 |
|
84 |
|
249 |
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Less: Market value adjustments and other |
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(19) |
|
31 |
|
24 |
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Less: Provision for income tax (expense) benefit on reconciling adjustments |
|
114 |
|
263 |
|
534 |
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Adjusted earnings |
|
435 |
|
385 |
|
11 |
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Less: Notable items |
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(23) |
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(43) |
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(28) |
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Adjusted earnings, less notable items |
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ADJUSTED EARNINGS, LESS NOTABLE ITEMS PER COMMON SHARE (1) |
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Net income (loss) available to shareholders per common share |
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|
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Less: Net investment gains (losses) |
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(0.40) |
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0.16 |
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(0.36) |
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Less: Net derivative gains (losses), excluding investment hedge adjustments |
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(8.01) |
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(17.23) |
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(28.06) |
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Less: GMIB Fees and GMIB Costs |
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0.87 |
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1.39 |
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(1.32) |
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Less: Amortization of DAC and VOBA |
|
1.49 |
|
0.96 |
|
2.63 |
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Less: Market value adjustments and other |
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(0.22) |
|
0.35 |
|
0.25 |
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Less: Provision for income tax (expense) benefit on reconciling adjustments |
|
1.32 |
|
3.00 |
|
5.64 |
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Less: Impact of inclusion of dilutive shares |
|
— |
|
0.03 |
|
— |
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Adjusted earnings per common share |
|
5.05 |
|
4.36 |
|
0.11 |
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Less: Notable items |
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(0.27) |
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(0.49) |
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(0.30) |
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Adjusted earnings, less notable items per common share |
|
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(1) |
Per share calculations are on a diluted basis and may not recalculate or foot due to rounding. For loss periods, dilutive shares were not included in the calculation as inclusion of such shares would have an anti-dilutive effect. See Non-GAAP and Other Financial Disclosures discussion in this news release. |
Reconciliation of Net Investment Income to Adjusted Net Investment Income (Unaudited, in millions)
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For the Three Months Ended |
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Net investment income |
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Less: Investment hedge adjustments |
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(5) |
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(5) |
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(4) |
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Adjusted net investment income |
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Notable Items (Unaudited, in millions)
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|
For the Three Months Ended |
||||
|
NOTABLE ITEMS IMPACTING ADJUSTED EARNINGS |
|
|
|
|
|
|
|
Actuarial items and other insurance adjustments |
|
$— |
|
|
|
$— |
|
Establishment costs |
|
23 |
|
14 |
|
28 |
|
Total notable items (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTABLE ITEMS BY SEGMENT AND CORPORATE & OTHER |
|
|
|
|
|
|
|
Annuities |
|
$— |
|
$— |
|
$— |
|
Life |
|
— |
|
— |
|
— |
|
Run-off |
|
— |
|
29 |
|
— |
|
Corporate & Other |
|
23 |
|
14 |
|
28 |
|
Total notable items (1) |
|
|
|
|
|
|
|
(1) |
Notable items reflect the negative (positive) after-tax impact to adjusted earnings of certain unanticipated items and events, as well as certain items and events that were anticipated, such as establishment costs. The presentation of notable items is intended to help investors better understand our results and to evaluate and forecast those results. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210805006046/en/
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Source:
ProAssurance Reports Results for Second Quarter 2021
Brighthouse Financial: Q2 Earnings Snapshot
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