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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
Commission File Number: 001-37905
bhf-20210930_g1.jpg
Brighthouse Financial, Inc.
(Exact name of registrant as specified in its charter)
Delaware 81-3846992
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
11225 North Community House Road, Charlotte, North Carolina
 
28277
(Address of principal executive offices) (Zip Code)
(980) 365-7100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareBHFThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 6.600% Non-Cumulative Preferred Stock, Series ABHFAPThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 6.750% Non-Cumulative Preferred Stock, Series BBHFAOThe Nasdaq Stock Market LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 5.375% Non-Cumulative Preferred Stock, Series CBHFANThe Nasdaq Stock Market LLC
6.250% Junior Subordinated Debentures due 2058BHFALThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes þ  No ¨   
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes þ    No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerþAccelerated filer
¨
Non-accelerated filer
¨
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  No þ
As of November 2, 2021, 79,818,953 shares of the registrant’s common stock were outstanding.



Table of Contents
Page
  Item 1.
Consolidated Financial Statements (at September 30, 2021 (Unaudited) and December 31, 2020 and for the Three Months and Nine Months Ended September 30, 2021 and 2020 (Unaudited)):
  Item 2.
  Item 3.
  Item 4.
  Item 1.
  Item 1A.
  Item 2.
  Item 6.


Part I — Financial Information
Item 1. Financial Statements
Brighthouse Financial, Inc.
Interim Condensed Consolidated Balance Sheets
September 30, 2021 (Unaudited) and December 31, 2020
(In millions, except share and per share data)
September 30, 2021December 31, 2020
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $78,425 and $70,529, respectively; allowance for credit losses of $7 and $2, respectively)
$87,074 $82,495 
Equity securities, at estimated fair value90 138 
Mortgage loans (net of allowance for credit losses of $100 and $94, respectively)
18,267 15,808 
Policy loans1,264 1,291 
Limited partnerships and limited liability companies3,959 2,810 
Short-term investments, principally at estimated fair value1,892 3,242 
Other invested assets, principally at estimated fair value (net of allowance for credit losses of $13 and $13, respectively)
2,774 3,747 
Total investments
115,320 109,531 
Cash and cash equivalents4,108 4,108 
Accrued investment income764 676 
Premiums, reinsurance and other receivables (net of allowance for credit losses of $10 and $10, respectively)
16,298 16,158 
Deferred policy acquisition costs and value of business acquired5,356 4,911 
Other assets484 516 
Separate account assets112,361 111,969 
Total assets
$254,691 $247,869 
Liabilities and Equity
Liabilities
Future policy benefits$43,795 $44,448 
Policyholder account balances63,748 54,508 
Other policy-related balances3,406 3,411 
Payables for collateral under securities loaned and other transactions5,639 5,252 
Long-term debt3,436 3,436 
Current income tax payable148 126 
Deferred income tax liability1,120 1,620 
Other liabilities4,942 5,011 
Separate account liabilities112,361 111,969 
Total liabilities
238,595 229,781 
Contingencies, Commitments and Guarantees (Note 10)
Equity
Brighthouse Financial, Inc.’s stockholders’ equity:
Preferred stock, par value $0.01 per share; $1,403 aggregate liquidation preference
  
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 121,495,849 and 121,002,523 shares issued, respectively; 80,952,682 and 88,211,618 shares outstanding, respectively
1 1 
Additional paid-in capital13,830 13,878 
Retained earnings (deficit)(705)(534)
Treasury stock, at cost; 40,543,167 and 32,790,905 shares, respectively
(1,385)(1,038)
Accumulated other comprehensive income (loss)4,290 5,716 
Total Brighthouse Financial, Inc.’s stockholders’ equity
16,031 18,023 
Noncontrolling interests65 65 
Total equity
16,096 18,088 
Total liabilities and equity
$254,691 $247,869 
See accompanying notes to the interim condensed consolidated financial statements.
2

Brighthouse Financial, Inc.
Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
For the Three Months and Nine Months Ended September 30, 2021 and 2020 (Unaudited)
(In millions, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Revenues
Premiums$193 $184 $539 $575 
Universal life and investment-type product policy fees881 882 2,730 2,595 
Net investment income1,281 996 3,680 2,564 
Other revenues117 99 345 294 
Net investment gains (losses)(16)5 (36)(48)
Net derivative gains (losses)56 (1,857)(2,132)2,392 
Total revenues2,512 309 5,126 8,372 
Expenses
Policyholder benefits and claims1,112 3,047 2,620 5,073 
Interest credited to policyholder account balances413 281 997 816 
Amortization of deferred policy acquisition costs and value of business acquired(82)244 17 922 
Other expenses579 580 1,749 1,674 
Total expenses2,022 4,152 5,383 8,485 
Income (loss) before provision for income tax490 (3,843)(257)(113)
Provision for income tax expense (benefit)105 (850)(90)(88)
Net income (loss)385 (2,993)(167)(25)
Less: Net income (loss) attributable to noncontrolling interests2 2 4 4 
Net income (loss) attributable to Brighthouse Financial, Inc.383 (2,995)(171)(29)
Less: Preferred stock dividends22 17 68 31 
Net income (loss) available to Brighthouse Financial, Inc.’s common shareholders$361 $(3,012)$(239)$(60)
Comprehensive income (loss)$79 $(2,577)$(1,593)$2,116 
Less: Comprehensive income (loss) attributable to noncontrolling interests2 2 4 4 
Comprehensive income (loss) attributable to Brighthouse Financial, Inc.$77 $(2,579)$(1,597)$2,112 
Earnings per common share
Basic
$4.37 $(32.49)$(2.80)$(0.61)
Diluted
$4.34 $(32.49)$(2.80)$(0.61)
See accompanying notes to the interim condensed consolidated financial statements.
3

Brighthouse Financial, Inc.
Interim Condensed Consolidated Statements of Equity
For the Three Months and Nine Months Ended September 30, 2021 and 2020 (Unaudited)
(In millions)
Preferred StockCommon StockAdditional Paid-in CapitalRetained Earnings (Deficit)Treasury Stock at CostAccumulated
Other
Comprehensive
Income (Loss)
Brighthouse Financial, Inc.’s Stockholders’ EquityNoncontrolling InterestsTotal Equity
Balance at December 31, 2020$ $1 $13,878 $(534)$(1,038)$5,716 $18,023 $65 $18,088 
Treasury stock acquired in connection with share repurchases
(192)(192)(192)
Share-based compensation
 10 (6)4 4 
Dividends on preferred stock
(46)(46)(46)
Change in noncontrolling interests
 (2)(2)
Net income (loss)
(554)(554)2 (552)
Other comprehensive income (loss), net of income tax
(1,120)(1,120)(1,120)
Balance at June 30,2021 1 13,842 (1,088)(1,236)4,596 16,115 65 16,180 
Treasury stock acquired in connection with share repurchases
(149)(149)(149)
Share-based compensation
 10 10 10 
Dividends on preferred stock
(22)(22)(22)
Change in noncontrolling interests
 (2)(2)
Net income (loss)
383 383 2 385 
Other comprehensive income (loss), net of income tax
(306)(306)(306)
Balance at September 30, 2021$ $1 $13,830 $(705)$(1,385)$4,290 $16,031 $65 $16,096 
Preferred StockCommon StockAdditional Paid-in CapitalRetained Earnings (Deficit)Treasury Stock at CostAccumulated
Other
Comprehensive
Income (Loss)
Brighthouse Financial, Inc.’s Stockholders’ EquityNoncontrolling InterestsTotal Equity
Balance at December 31, 2019$ $1 $12,908 $585 $(562)$3,240 $16,172 $65 $16,237 
Cumulative effect of change in accounting principle, net of income tax(14)3 (11)(11)
Balance at January 1, 2020 1 12,908 571 (562)3,243 16,161 65 16,226 
Preferred stock issuance
 390 390 390 
Treasury stock acquired in connection with share repurchases
(322)(322)(322)
Share-based compensation
 9(3)6 6 
Dividends on preferred stock(14)(14)(14)
Change in noncontrolling interests
 (2)(2)
Net income (loss)
2,966 2,966 2 2,968 
Other comprehensive income (loss), net of income tax
1,722 1,722 1,722 
Balance at June 30, 2020 1 13,307 3,523 (887)4,965 20,909 65 20,974 
Treasury stock acquired in connection with share repurchases
(54)(54)(54)
Share-based compensation
 7 7 7 
Dividends on preferred stock
(17)(17)(17)
Change in noncontrolling interests
 (2)(2)
Net income (loss)
(2,995)(2,995)2 (2,993)
Other comprehensive income (loss), net of income tax
416 416 416 
Balance at September 30, 2020$ $1 $13,314 $511 $(941)$5,381 $18,266 $65 $18,331 
See accompanying notes to the interim condensed consolidated financial statements.
4

Brighthouse Financial, Inc.
Interim Condensed Consolidated Statements of Cash Flows
For the Nine Months Ended September 30, 2021 and 2020 (Unaudited)
(In millions)
Nine Months Ended
September 30,
20212020
Net cash provided by (used in) operating activities$644 $515 
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities8,541 6,011 
Equity securities114 54 
Mortgage loans2,005 1,232 
Limited partnerships and limited liability companies168 124 
Purchases of:
Fixed maturity securities(16,168)(9,639)
Equity securities(7)(4)
Mortgage loans(4,421)(1,239)
Limited partnerships and limited liability companies(560)(423)
Cash received in connection with freestanding derivatives3,213 5,280 
Cash paid in connection with freestanding derivatives(3,914)(3,281)
Net change in policy loans28 3 
Net change in short-term investments1,349 (2,269)
Net change in other invested assets(13)(19)
Other, net (14)
Net cash provided by (used in) investing activities
(9,665)(4,184)
Cash flows from financing activities
Policyholder account balances:
Deposits11,182 7,143 
Withdrawals(1,945)(1,552)
Net change in payables for collateral under securities loaned and other transactions387 2,598 
Long-term debt issued 614 
Long-term debt repaid(1)(1,001)
Preferred stock issued, net of issuance costs 390