Brighthouse Financial Joins BlackRock in Announcing LifePath Paycheck™

CHARLOTTE, NC, April 24, 2024

Brighthouse Financial, Inc. ("Brighthouse Financial") (Nasdaq: BHF) today joined BlackRock, Inc. ("BlackRock") in announcing BlackRock's LifePath Paycheck^TM solution is now available in defined contribution plans. Brighthouse Financial is one of two insurers that have been selected by BlackRock as it delivers LifePath Paycheck^TM, which is designed to provide millions of American workers with simplified access to lifetime income throughout their retirement.

"Brighthouse Financial is excited to work with BlackRock on BlackRock's LifePath Paycheck solution, which offers more U.S. workers an opportunity to access a guaranteed income stream in retirement," said Eric Steigerwalt, president and CEO, Brighthouse Financial. "As a company whose mission is to help people achieve financial security, we are pleased to assist even more Americans with preparing for retirement through LifePath Paycheck."

LifePath Paycheck™ is a target date strategy that will over time include an allocation to innovative annuity contracts. In a significant breakthrough for the industry, these annuity contracts, to be issued by certain Brighthouse Financial insurance subsidiaries and another selected insurer, will not limit the daily liquidity of the target date strategy and will ultimately provide plan participants with the option to redeem a portion of their plan account balance to purchase fixed individual retirement annuities directly from the insurers that will provide guaranteed lifetime income. The solution is available for U.S. employers to provide to their employees through their defined contribution retirement plans.

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 tuout 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 Brighthouse Financial. These statements are based on current expectations and the current economic environment and involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of known and unknown risks, uncertainties and other factors. 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 Brighthouse Financial's most recent Annual Report on Form 10-K, particularly in the sections entitled "Note Regarding Forward-Looking Statements and Summary of Risk Factors," "Risk Factors" and "Quantitative and Qualitative Disclosures About Market Risk," as well as in Brighthouse Financial's other subsequent filings with the U.S. Securities and Exchange Commission. Further, any forward-looking statement speaks only as of the date on which it is made, and Brighthouse Financial does not undertake any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.

About Brighthouse Financial, Inc.

Brighthouse Financial, Inc. (Brighthouse Financial) (Nasdaq: BHF) is on a mission to help people achieve financial security. As one of the largest providers of annuities and life insurance in the U.S.,¹ we specialize in products designed to help people protect what they've earned and ensure it lasts. Leamore at brighthousefinancial.com.

Brighthouse Financial^® and its design are registered trademarks of Brighthouse Financial, Inc. and/or its annuity contracts in affiliates. Group annuity contracts in connection with LifePath Paycheck^TM are issued by Brighthouse Life Insurance Company, Charlotte, NC 28277, and individual retirement annuities are issued by Brighthouse Life Insurance Company, Charlotte, NC 28277 and in New York only by Brighthouse Life Insurance Company of NY, New York, NY 10017. All guarantees are subject to the claims-paying ability and financial strength of the issuing insurance company.

¹ Ranked by 2022 admitted assets. Best's Review^®: Top 200 U.S. Life/Health Insurers. AM Best, 2023.

Contact:

For Investors Dana Amante (980) 949-3073
[email protected]

For Media Deon Roberts (980) 949-3071
[email protected]